Top reasons for South Harrow lease extension

Why you should commence your South Harrow lease extension today:

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

South Harrow leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most South Harrow tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in South Harrow you must investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in South Harrow with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not lend with a short lease

Banks and building societies are tightening their criteria and many now expect flats to have at least 60 if not 70 years left at the end of the mortgage. Given that many flats in South Harrow were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in South Harrow?

Lease extensions in South Harrow can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience procuring South Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Harrow Lease Extension Example Cases:

Tommy, South Harrow, North London,

Tommy was the the leasehold proprietor of a high value apartment in South Harrow on the market with a lease of a little over sixty years remaining. Tommy on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Tommy to exercise his statutory right. Tommy obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

South Harrow case:

Last April we were phoned by Mr Charlie González , who was assigned a lease of a purpose-built apartment in South Harrow in April 2012. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in South Harrow with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed per annum. The lease lapsed on 18 November 2099. Taking into account 73 years outstanding we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.