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

Main reasons to commence your Harrow lease extension today:

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

The market value of Harrow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

Banks and Building Societies are less likely to give a mortgage on a domestic flat in Harrow with a short lease. Many lenders simply refuse a mortgage on leases with below 75 years remaining.

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

Why use us for your lease extension in Harrow?

Retaining our service gives you better control over the value of your Harrow leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Harrow Lease Extension Case Studies:

Tia, Harrow, North West London,

Off the back of protracted correspondence with the freeholder of her two bedroom apartment in Harrow, Tia initiated the lease extension process as the 80 year threshold was rapidly approaching. The legal work was concluded in January 2009. The freeholder’s charges were kept to an absolute minimum.

Harrow case:

Mr and Mrs. E Carter bought a recently refurbished flat in Harrow in November 1999. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Identical homes in Harrow with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 billed per annum. The lease concluded in 2099. Considering the 73 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Decision in Harrow

An example of a Lease Extension case for a Harrow flat 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 term was 75.25 years.