Main reasons to start your North Harrow lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Harrow property value

North Harrow leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in North Harrow enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in North Harrow you should investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Why use us for your lease extension in North Harrow?

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

North Harrow Lease Extension Example Cases:

Harvey, North Harrow, North London

In 2014 Harvey, started to get near to the eighty-year threshold with the lease on his one bedroom flat in North Harrow. In buying his home twenty years ago, the length of the lease was of little significance. Thankfully, he noticed he needed to take action soon on Extending the lease. Harvey extended the lease at the eleventh hour last June. Harvey and the landlord eventually agreed on an amount of £5,500 . If he not met the deadline, the figure would have gone up by at least £975.

North Harrow case:

Last Summer we were contacted by Mr and Mrs. V Brown , who was assigned a lease of a first floor flat in North Harrow in October 2008. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in North Harrow with an extended lease were in the region of £265,000. The average amount of ground rent was £55 collected quarterly. The lease expired on 4 September 2100. Considering the 74 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.