Why you should commence your West Harrow lease extension

Top reasons for lease extension now:

Increase your lease and increase your West Harrow property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in West Harrow may extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your West Harrow lease extension. Shelving the costs today simply escalates the amount you will ultimately have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to lend on a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in West Harrow were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in West Harrow lease extensions?

Using our service will provide you better control over the value of your West Harrow leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

West Harrow Lease Extension Case Studies:

John, West Harrow, North West London

In recent months John, started to get near to the 80-year threshold with the lease on his first floor apartment in West Harrow. In buying his property 18 years ago, the unexpired term was of no importance. Fortunately, it dawned on him that he needed to take action soon on Extending the lease. John extended the lease at the eleventh hour in July. John and the freeholder via the management company in the end agreed on a premium of £6,000 . If he not met the deadline, the figure would have increased by a minimum £925.

West Harrow case:

Dr K Mitchell took over the lease of a one bedroom apartment in West Harrow in April 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in West Harrow with a long lease were valued about £166,800. The mid-range ground rent payable was £50 collected every twelve months. The lease came to a finish in 2074. Having 50 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.