Top reasons for North Harrow lease extension

Why you should start your North Harrow lease extension today:

Increase your lease and increase your North Harrow property value

With a long leasehold property in North Harrow, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Residents in North Harrow with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once a lease has under eighty years left, under the relevant statute the landlord is entitled to calculate and charge a greater premium, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

North Harrow property with a lease extension has roughly the same value as a freehold

Leasehold properties in North Harrow with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not finance a property on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your North Harrow property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in North Harrow?

Lease extensions in North Harrow can be a difficult process. We recommend you secure guidance from a lawyer 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 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 Summaries:

Edward, North Harrow, North London,

Edward owned a studio flat in North Harrow being sold with a lease of a little over sixty years left. Edward informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Edward to invoke his statutory right. Edward procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

North Harrow case:

Mrs Emily Bell took over the lease of a basement apartment in North Harrow in November 1997. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar flats in North Harrow with an extended lease were valued about £264,000. The average amount of ground rent was £60 collected quarterly. The lease terminated on 20 January 2078. Having 53 years remaining we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus professional charges.