Top reasons for South Harrow lease extension

Top reasons for lease extension now:

A South Harrow lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in South Harrow. Inevitably, the period of lease left reduces as time goes by. This is often ignored and only raises itself as an issue when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in South Harrow have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. You should give careful deliberation before delaying your South Harrow lease extension. Holding off the cost now likely increases the price you will ultimately incur for a lease extension

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

Leasehold properties in South Harrow with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not issue a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Considering many flats in South Harrow were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in South Harrow?

The lawyers that we work with undertake South Harrow lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

South Harrow Lease Extension Case Summaries:

Mason, South Harrow, North London,

Mason was the the leasehold proprietor of a 2 bedroom apartment in South Harrow on the market with a lease of fraction over fifty eight years remaining. Mason informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Mason to invoke his statutory right. Mason obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

South Harrow case:

Dr C Roberts took over the lease of a ground floor apartment in South Harrow in June 2006. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Similar residencies in South Harrow with an extended lease were in the region of £280,000. The average amount of ground rent was £55 collected monthly. The lease concluded in 2104. Having 78 years left we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.