Why you should commence your Harrogate lease extension

Why you should start your Harrogate lease extension today:

Increase your lease and increase your Harrogate property value

For anyone whose Harrogate home is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

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

Leasehold premises in Harrogate with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not loan monies on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Harrogate if the unexpired term of your lease is under the criteria set by most mortgage companies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Harrogate?

Lease extensions in Harrogate 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 a wealth of experience dealing with Harrogate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harrogate Lease Extension Example Cases:

Abigail, Harrogate, North Yorkshire,

In the wake of eight months of protracted correspondence with the freeholder of her garden flat in Harrogate, Abigail commenced the lease extension process as the 80 year mark was rapidly advancing. The lease extension was finalised in August 2015. The landlord’s fees were kept to an absolute minimum.

Harrogate case:

Last month we were contacted by Mr and Mrs. N Cook , who took over the lease of a ground floor flat in Harrogate in March 2008. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar residencies in Harrogate with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced per annum. The lease ended in 2097. Considering the 71 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.

Harrogate case:

Mr and Mrs. H Mason moved into a studio apartment in Harrogate in October 1999. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparative flats in Harrogate with 100 year plus lease were valued about £230,800. The average amount of ground rent was £60 invoiced yearly. The lease ran out in 2086. Considering the 60 years unexpired we estimated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 exclusive of fees.