Top reasons for Harringay lease extension

Top reasons for lease extension now:

Increase your lease and increase your Harringay property value

Harringay leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Harringay will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

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

Leasehold premises in Harringay with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to issue a mortgage with a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Harringay property becoming difficult to sell or refinance.

What makes us experts in Harringay lease extensions?

Regardless of whether you are a tenant or a freeholder in Harringay,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Harringay valuers.

Harringay Lease Extension Case Studies:

Nathan, Harringay, North London,

Nathan was the the leasehold proprietor of a conversion apartment in Harringay being marketed with a lease of a little over sixty years unexpired. Nathan informally approached his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Nathan to exercise his statutory right. Nathan procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Harringay case:

In 2013 we were contacted by Mr and Mrs. R López who, having completed a newly refurbished flat in Harringay in May 2002. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparable properties in Harringay with a long lease were valued about £166,800. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2076. Having 50 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 not including costs.