Top reasons for Harlesden lease extension

Top reasons for lease extension now:

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

The market value of Harlesden leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

Harlesden property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Banks and building societies are distinct in their lending criteria. Some set the bar at seventy five years outstanding on the lease; others may be prepared to lend with anything over 70 years. Below sixty years, it may be challenging to obtain a mortgage in the first place.

What makes us experts in Harlesden lease extensions?

Lease extensions in Harlesden can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Harlesden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harlesden Lease Extension Example Cases:

Jack, Harlesden, North West London,

Jack was the the leasehold proprietor of a high value flat in Harlesden on the market with a lease of fraction over 59 years unexpired. Jack informally contacted his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Jack to invoke his statutory right. Jack procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Harlesden case:

In 2013 we were approached by Dr K Roux who, having purchased a one bedroom apartment in Harlesden in May 2000. The dilemma was if we could approximate the price could be to extend the lease by an additional years. Comparative flats in Harlesden with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease finished in 2100. Having 75 years left we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.