Top reasons for Harrow lease extension

Main reasons to start your Harrow lease extension today:

Increase your lease and increase your Harrow property value

The nearer a residential lease in Harrow gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years remaining 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 be significant. It is the main reason why you should consider extending without delay. Many flat owners in Harrow will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is likely that someone wishing to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Harrow lease extensions?

Retaining our service gives you enhanced control over the value of your Harrow leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harrow Lease Extension Case Studies:

Thomas, Harrow, North West London

Twenty four months ago Thomas, started to get near to the 80-year mark with the lease on his two bedroom apartment in Harrow. In buying his property two decades ago, the unexpired term was of minimal relevance. Fortunately, he realised he would soon be paying an inflated amount for a lease extension. Thomas extended the lease just in the nick of time last May. Thomas and the freeholder via the managing agents subsequently agreed on an amount of £6,000 . If the lease had slipped below eighty years, the amount would have gone up by a minimum £850.

Harrow case:

Last February we were approach by Dr F Rogers , who completed a recently refurbished apartment in Harrow in July 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical homes in Harrow with an extended lease were valued around £250,400. The average amount of ground rent was £65 collected quarterly. The lease terminated in 2090. Given that there were 64 years unexpired we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 not including expenses.