Why you should commence 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 your lease gets more expensive. The majority of owners of residential leasehold property in Harlesden enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Harlesden you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Harlesden with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Why use us for your lease extension in Harlesden?

The lawyers that we work with undertake Harlesden lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Harlesden Lease Extension Case Summaries:

Hollie, Harlesden, North West London,

In the wake of eight months of lengthy discussions with the landlord of her basement apartment in Harlesden, Hollie commenced the lease extension process as the 80 year threshold was fast nearing. The lease extension was finalised in October 2006. The freeholder’s fees were kept to an absolute minimum.

Harlesden case:

Last Christmas we were called by Mr and Mrs. N Anderson , who was assigned a lease of a basement apartment in Harlesden in July 2005. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Harlesden with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 collected annually. The lease concluded on 10 March 2091. Given that there were 65 years left we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.