Why you should commence your South Harrow lease extension

Main reasons to start your South Harrow lease extension today:

Increase your lease and increase your South Harrow property value

The market value of South Harrow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not finance a property on a short lease

Most mortgage companies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your South Harrow property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in South Harrow?

Using our service gives you better control over the value of your South Harrow leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Harrow Lease Extension Example Cases:

Aarav, South Harrow, North London

14 months ago Aarav, came precariously near to the eighty-year threshold with the lease on his garden apartment in South Harrow. Having purchased his property 18 years ago, the unexpired term was of no importance. Thankfully, he noticed he needed to take action soon on Extending the lease. Aarav was able to extend his lease just ahead of time in July. Aarav and the freeholder subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the sum would have gone up by at least £1,025.

South Harrow case:

In 2011 we were approached by Mr H Patel who, having completed a one bedroom apartment in South Harrow in August 2008. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparative flats in South Harrow with an extended lease were valued about £191,000. The average ground rent payable was £65 billed monthly. The lease terminated in 2084. Given that there were 58 years outstanding we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of costs.