Top reasons for Harringay lease extension

Main reasons to start your Harringay lease extension today:

Increase your lease and increase your Harringay property value

Harringay leases on domestic properties are gradually losing value. Where your lease has about 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the current lease falls lower than 80 years - otherwise a higher amount will be due. Flat owners in Harringay will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.

Harringay property with a lease extension is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to properties in Harringay with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of potential buyers.

Why use us for your lease extension in Harringay?

Lease extensions in Harringay can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Harringay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harringay Lease Extension Example Cases:

Teddy, Harringay, North London,

Teddy owned a 2 bedroom flat in Harringay being marketed with a lease of a few days over 72 years outstanding. Teddy on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Teddy to invoke his statutory right. Teddy obtained expert advice and secured an acceptable resolution informally and readily saleable.

Harringay case:

In 2009 we were approached by Ms Katherine Bertrand who, having completed a one bedroom flat in Harringay in October 2007. The question was if we could approximate the price would be for a 90 year lease extension. Similar homes in Harringay with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 billed yearly. The lease expired in 2087. Taking into account 61 years left we estimated the premium to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of legals.