West Harrow Lease Extension - Free Consultation

Before you progress with your lease extension in West Harrow
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your West Harrow lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in West Harrow you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend with a short lease

Lending institutions are less likely to issue a loan offer on a residential property in West Harrow with a short lease. Some lenders simply refuse a mortgage on leases with under 75 years remaining.

Lender Requirement
Chelsea Building Society 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in West Harrow?

Lease extensions in West Harrow can be a difficult process. We recommend you secure professional help 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 a wealth of experience dealing with West Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Harrow Lease Extension Example Cases:

Ellie, West Harrow, North West London,

After lengthy negotiations with the landlord of her two bedroom apartment in West Harrow, Ellie started the lease extension process just as her lease was coming close to the critical 80-year deadline. The transaction was finalised in October 2011. The landlord’s charges were negotiated to below 600 GBP.

West Harrow case:

In 2014 we were approached by Mr Callum Hill who, having moved into a first floor apartment in West Harrow in August 2005. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Identical residencies in West Harrow with 100 year plus lease were valued around £252,800. The average amount of ground rent was £65 billed annually. The lease ended in 2089. Considering the 65 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of fees.

Decision in Harrow

An example of a Lease Extension case for a West Harrow property 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 was in relation to 1 flat. The unexpired term was 75.25 years.