Top reasons for Harold Park lease extension

Main reasons to start your Harold Park lease extension today:

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

Harold Park leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Harold Park tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Harold Park you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders will not finance a property with a short lease

Lenders do not like short residential leases. You are likely to encounter problems if you need to sell your flat in Harold Park if the remaining term of your lease is below the criteria set by most lenders. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Harold Park lease extensions?

The lawyers that we work with undertake Harold Park 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 lawyer we work with provide it.

Harold Park Lease Extension Example Cases:

Isabel, Harold Park, London,

Trailing lengthy correspondence with the landlord of her studio apartment in Harold Park, Isabel started the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension was finalised in April 2008. The landlord’s costs were negotiated to under 450 GBP.

Harold Park case:

Mr and Mrs. E Green owned a one bedroom flat in Harold Park in October 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Harold Park with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expired in 2105. Taking into account 79 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.