Top reasons for Harrow lease extension

Why you should start your Harrow lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Harrow can extend the lease for a further 90 years under Leasehold Reform legislation. Do think carefully before delaying your Harrow lease extension. Putting off the costs now simply increases the price you will ultimately have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Many banks and building societies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Harrow property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Harrow?

Lease extensions in Harrow can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harrow Lease Extension Example Cases:

Hollie, Harrow, North West London,

Following unsuccessful negotiations with the landlord of her one bedroom apartment in Harrow, Hollie started the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension completed in March 2010. The landlord’s charges were kept to an absolute minimum.

Harrow case:

In 2014 we were called by Dr Ollie Simon who, having was assigned a lease of a one bedroom flat in Harrow in May 2010. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Harrow with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease expired on 25 February 2086. Taking into account 60 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £25,700 and £29,600 exclusive of expenses.