Stop! Your Lease Extension in South Harrow Could Be FREE

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Many leaseholders in South Harrow are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in South Harrow has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

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.

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in South Harrow have the right to extend the lease for an additional 90 years under statute. Please give careful consideration before delaying your South Harrow lease extension. Shelving that expense now simply escalates the premium you will eventually be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in South Harrow with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential purchasers.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in South Harrow lease extensions?

Engaging our service gives you better control over the value of your South Harrow leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

South Harrow Lease Extension Example Cases:

Jennifer, South Harrow, North London,

Off the back of protracted discussions with the freeholder of her garden flat in South Harrow, Jennifer initiated the lease extension process as the eighty year deadline was swiftly approaching. The legal work was finalised in August 2013. The landlord’s charges were kept to an absolute minimum.

South Harrow case:

Last year we were called by Mr D Lambert , who moved into a ground floor apartment in South Harrow in August 2012. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable homes in South Harrow with an extended lease were in the region of £208,200. The mid-range ground rent payable was £65 collected monthly. The lease termination date was in 2087. Having 61 years outstanding we approximated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including expenses.

Decision in Harrow

An example of a Lease Extension decision for a South Harrow flat is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case affected 1 flat. The number of years remaining on the existing lease(s) was 79 years.