Main reasons to start your Harlington lease extension

Main reasons to start 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 expense of extending the lease can escalate substantially once the remaining term is less than eighty years

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

Leasehold properties in Harlington with over 100 years left 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This may cause difficulties as and when you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you might have no immediate plan to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Harlington?

Lease extensions in Harlington can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Harlington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harlington Lease Extension Example Cases:

Sophia, Harlington, North London,

Off the back of lengthy discussions with the freeholder of her basement flat in Harlington, Sophia commenced the lease extension process as the 80 year threshold was rapidly approaching. The legal work was finalised in May 2014. The freeholder’s costs were restricted to less than 500 pounds.

Harlington case:

Last Autumn we were phoned by Mr and Mrs. Y Bertrand , who took over the lease of a garden flat in Harlington in April 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical premises in Harlington with a long lease were in the region of £254,200. The average amount of ground rent was £60 collected yearly. The lease finished in 2077. Taking into account 51 years left we approximated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of expenses.