Why you should 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 closer a domestic lease in Harlington nears to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 100 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner as opposed to later. Many flat owners in Harlington will qualify for this right; that being said a conveyancer should be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Harlington property with a lease extension is almost the same value as a freehold

Leasehold properties in Harlington with over one hundred years remaining on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and estate charges justify it.

Lenders will not lend with a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Harlington home.

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

Engaging our service gives you enhanced control over the value of your Harlington leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harlington Lease Extension Case Summaries:

Leon, Harlington, North London,

Leon was the the leasehold owner of a conversion apartment in Harlington on the market with a lease of a few days over sixty years outstanding. Leon on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Leon to invoke his statutory right. Leon obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Harlington case:

Last Winter we were e-mailed by Dr Alexander Vincent , who completed a purpose-built flat in Harlington in April 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Harlington with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 billed per annum. The lease expired in 2096. Considering the 70 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.