Top reasons for Harold Hill lease extension

Top reasons for lease extension now:

A Harold Hill leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Harold Hill residential lease decreases so does its value and therefore the value of your property. If the residual term has, in excess of 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Harold Hill will meet the qualifying criteria; however 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 under two years.

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

Leasehold premises in Harold Hill with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not grant a mortgage with a short lease

Why use us for your lease extension in Harold Hill?

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

Harold Hill Lease Extension Example Cases:

Lewis, Harold Hill, London,

Lewis owned a high value flat in Harold Hill on the market with a lease of fraction over 61 years unexpired. Lewis informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.

Harold Hill case:

Last Spring we were phoned by Dr H Howard , who purchased a garden flat in Harold Hill in September 2000. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable premises in Harold Hill with 100 year plus lease were valued about £186,000. The mid-range ground rent payable was £65 invoiced yearly. The lease lapsed on 15 January 2084. Having 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 not including fees.