Main reasons to start your Harlington lease extension

Why you should commence your Harlington lease extension today:

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

The market value of Harlington 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 increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly 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 decades to come.

Mortgage lenders will not loan monies with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so if they can't secure a mortgage, then the value of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

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

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

Harlington Lease Extension Example Cases:

Andrew, Harlington, North London

In 2014 Andrew, came seriously close to the 80-year mark with the lease on his first floor flat in Harlington. Having purchased his property two decades ago, the unexpired term was of minimal importance. by good luck, he became aware that he needed to take steps soon on Extending the lease. Andrew was able to extend his lease at the eleventh hour last July. Andrew and the freeholder ultimately agreed on a premium of £5,000 . If the lease had descended lower than 80 years, the figure would have become more exhorbitant by at least £875.

Harlington case:

Mr Jack Rivera acquired a garden flat in Harlington in March 2012. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Identical flats in Harlington with 100 year plus lease were worth £193,400. The average ground rent payable was £65 invoiced every twelve months. The lease expired on 11 August 2085. Given that there were 59 years outstanding we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus costs.