Main reasons to start your Harlesden lease extension

Main reasons to commence your Harlesden lease extension today:

Increase your lease and increase your Harlesden property value

It’s an underpublicised truth that a Harlesden residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Harlesden property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If the number of years remaining falls below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Harlesden will be able to extend under the legislation; however a conveyancer should be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.

An extended lease is almost the same value as a freehold

Leasehold properties in Harlesden with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not lend on a short lease

Get in touch with one of our Harlesden lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Harlesden,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 Harlesden valuers.

Harlesden Lease Extension Case Studies:

Connor, Harlesden, North West London,

Connor owned a studio flat in Harlesden on the market with a lease of just over 59 years unexpired. Connor on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the property.

Harlesden case:

Dr A Murphy acquired a newly refurbished flat in Harlesden in June 1997. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Identical premises in Harlesden with a long lease were valued about £208,200. The average amount of ground rent was £65 invoiced every twelve months. The lease came to a finish on 24 September 2087. Taking into account 61 years left we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including costs.