Top reasons for Harrow lease extension

Why you should start your Harrow lease extension today:

Increase your lease and increase your Harrow property value

The nearer a domestic lease in Harrow gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Harrow will qualify for this right; however a lawyer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost 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 left, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Harrow with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Harrow?

The lawyers that we work with undertake Harrow 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.

Harrow Lease Extension Example Cases:

Oliver, Harrow, North West London,

Oliver owned a 2 bedroom flat in Harrow on the market with a lease of a few days over fifty eight years outstanding. Oliver on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Harrow case:

Mr and Mrs. D Kelly completed a one bedroom flat in Harrow in November 1995. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Harrow with a long lease were worth £181,600. The mid-range amount of ground rent was £55 billed monthly. The lease elapsed on 21 May 2078. Given that there were 52 years outstanding we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus expenses.