Why you should start your Harold Hill lease extension

Why you should start your Harold Hill lease extension today:

Increase your lease and increase your Harold Hill property value

Unfortunately that a Harold Hill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Harold Hill property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term drops below eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Harold Hill will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to loan monies with a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is likely that someone intending to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Harold Hill lease extensions?

The conveyancing solicitors that we work with procure Harold Hill 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 conveyancing solicitor we work with provide it.

Harold Hill Lease Extension Case Studies:

Toby, Harold Hill, London,

Toby owned a conversion apartment in Harold Hill being sold with a lease of a few days over 72 years left. Toby on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Toby to invoke his statutory right. Toby procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Harold Hill case:

In 2013 we were contacted by Dr Nathan Lambert who, having took over the lease of a one bedroom apartment in Harold Hill in June 2011. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative flats in Harold Hill with a long lease were valued around £250,000. The average amount of ground rent was £50 collected quarterly. The lease ended in 2096. Taking into account 70 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.