Top reasons for South Harrow lease extension

Top reasons for lease extension now:

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

The closer a residential lease in South Harrow nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in South Harrow will meet the qualifying criteria; however a conveyancing solicitor should be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in South Harrow with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not finance a property with a short lease

Banks and building societies are really restricting their approach as regards to properties in South Harrow with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of potential purchasers.

Why use us for your lease extension in South Harrow?

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

South Harrow Lease Extension Case Studies:

Isobel, South Harrow, North London,

After protracted negotiations with the freeholder of her leasehold apartment in South Harrow, Isobel started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The lease extension completed in February 2010. The freeholder’s fees were restricted to below 650 GBP.

South Harrow case:

Last Winter we were approach by Mr Kai Bernard , who moved into a one bedroom apartment in South Harrow in April 2009. The question was if we could approximate the premium could be to extend the lease by ninety years. Comparative properties in South Harrow with a long lease were worth £280,000. The mid-range ground rent payable was £55 billed annually. The lease expiry date was on 24 October 2103. Given that there were 77 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.