Top reasons for Harringay lease extension

Why you should start your Harringay lease extension today:

A Harringay lease depreciates with the years remaining on the lease.

For those whose Harringay property is held on a long lease, our message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.

Harringay property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.

Lending institutions will not loan monies with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably encounter problems if you wish to sell your flat in Harringay if the remaining term of your lease is under the criteria set by most lenders. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Harringay?

Using our service gives you better control over the value of your Harringay leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Harringay Lease Extension Example Cases:

Yasmin, Harringay, North London,

Off the back of unsuccessful negotiations with the freeholder of her ground floor apartment in Harringay, Yasmin commenced the lease extension process as the 80 year deadline was fast nearing. The legal work was finalised in March 2010. The landlord’s costs were kept to an absolute minimum.

Harringay case:

Mrs Lydia Rivera completed a garden apartment in Harringay in July 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar homes in Harringay with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 billed every twelve months. The lease ran out in 2105. Considering the 79 years unexpired we calculated the premium to the landlord for the lease extension to be between £7,600 and £8,800 not including costs.