Main reasons to start your Harbury lease extension

Main reasons to start your Harbury lease extension today:

A Harbury lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Harbury is a wasting asset as a result of the diminishing lease term. Where the residual term has, over one hundred years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. Most flat owners in Harbury will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Harbury property with a lease extension 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 approximately the same 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 in the future.

Banks and Building Societies may not lend with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties once you need to dispose of or refinance your flat as it will be effectively unmortgageable. You may have no imminent desire to sell but when you do your buyer will need to wait a couple of years before they can exercise the right to a a lease extension.

What makes us experts in Harbury lease extensions?

Regardless of whether you are a tenant or a landlord in Harbury,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Harbury valuers.

Harbury Lease Extension Example Cases:

Joseph, Harbury, Warwickshire,

Joseph owned a 2 bedroom apartment in Harbury being sold with a lease of just over 59 years remaining. Joseph informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Joseph to exercise his statutory right. Joseph procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Harbury case:

Last Summer we were called by Mr Daniel Clark , who took over the lease of a garden apartment in Harbury in January 2002. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable premises in Harbury with a long lease were valued around £235,200. The average ground rent payable was £45 billed yearly. The lease terminated in 2092. Given that there were 66 years remaining we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.

Harbury case:

In 2011 we were phoned by Mr O David who, having took over the lease of a first floor apartment in Harbury in October 2003. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Similar residencies in Harbury with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated on 28 August 2103. Taking into account 77 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus expenses.