Main reasons to start your Harlesden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Harlesden property value

Harlesden leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Harlesden residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Harlesden you must investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Harlesden leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

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

Lenders may not grant a mortgage with a short lease

What makes us experts in Harlesden lease extensions?

Irrespective of whether you are a tenant or a landlord in Harlesden,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harlesden valuers.

Harlesden Lease Extension Case Studies:

Reuben, Harlesden, North West London,

Reuben was the the leasehold proprietor of a 2 bedroom apartment in Harlesden being marketed with a lease of a little over 61 years left. Reuben on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Reuben to exercise his statutory right. Reuben procured expert legal guidance and secured satisfactory deal informally and sell the flat.

Harlesden case:

In 2012 we were e-mailed by Mr and Mrs. O Smith who, having moved into a basement flat in Harlesden in October 1998. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative premises in Harlesden with a long lease were worth £183,600. The mid-range ground rent payable was £65 collected every twelve months. The lease terminated on 13 October 2083. Taking into account 57 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including costs.