Main reasons to commence your North Harrow lease extension

Main reasons to start your North Harrow lease extension today:

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

Unfortunately that a North Harrow residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the North Harrow property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term slips under 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in North Harrow will be able to extend under the legislation; however a conveyancer will be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in North Harrow if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

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

Lease extensions in North Harrow can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring North Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Harrow Lease Extension Case Studies:

Kyle, North Harrow, North London,

Kyle owned a studio apartment in North Harrow on the market with a lease of a little over 61 years unexpired. Kyle informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

North Harrow case:

In 2013 we were called by Mr and Mrs. P Baker who, having completed a first floor apartment in North Harrow in May 2004. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative homes in North Harrow with an extended lease were valued about £285,000. The mid-range ground rent payable was £55 billed yearly. The lease finished in 2105. Considering the 79 years unexpired we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.