Stop! Your Lease Extension in Harrow Could Be FREE

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Many leaseholders in Harrow are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Harrow has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Harrow lease extension

Why you should start your Harrow lease extension today:

A Harrow leasehold property depreciates with the years remaining on the lease.

Harrow leases on residential properties are gradually losing value. Where your lease has about 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Leasehold owners in Harrow will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and steps to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Harrow with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to lend on a short lease

The trend since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically banks were content with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Harrow?

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

Harrow Lease Extension Case Studies:

Danielle, Harrow, North West London,

After lengthy correspondence with the landlord of her first floor apartment in Harrow, Danielle started the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension was finalised in June 2010. The freeholder’s fees were negotiated to a tad over 450 GBP.

Harrow case:

Last Spring we were contacted by Mr and Mrs. W Anderson , who was assigned a lease of a one bedroom flat in Harrow in January 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Identical properties in Harrow with an extended lease were in the region of £300,000. The average amount of ground rent was £50 billed annually. The lease termination date was in 2102. Having 76 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.

Decision in Harrow

An example of a Lease Extension decision for a Harrow property is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case related to 1 flat. The unexpired residue of the current lease was 75.25 years.