Main reasons to commence your Harton lease extension

Why you should commence your Harton lease extension today:

Increase your lease and increase your Harton property value

Harton residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Harton with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not finance a property with a short lease

Mortgage companies are really clamping down as regards to homes in Harton with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Get in touch with one of our Harton lease extension solicitors or enfranchisement solicitors

Lease extensions in Harton can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.

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 a wealth of experience dealing with Harton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harton Lease Extension Case Summaries:

Connor, Harton, Tyne And Wear,

Connor owned a high value apartment in Harton on the market with a lease of a little over 72 years remaining. Connor on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Harton case:

In 2010 we were called by Ms Leah Nelson who, having acquired a basement flat in Harton in March 2011. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Harton with an extended lease were worth £205,000. The average amount of ground rent was £50 invoiced annually. The lease expired in 2105. Taking into account 79 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.

Harton case:

Dr D Moreau purchased a purpose-built apartment in Harton in July 2009. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative properties in Harton with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded in 2094. Considering the 68 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.