Why you should commence your West Harrow lease extension

Main reasons to start your West Harrow lease extension today:

Increase your lease and increase your West Harrow property value

It’s a harsh truth that a West Harrow residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the West Harrow property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining drops under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in West Harrow will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

West Harrow property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to properties in West Harrow with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

Why use us for your lease extension in West Harrow?

The conveyancing solicitors that we work with undertake West Harrow lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

West Harrow Lease Extension Example Cases:

Kian, West Harrow, North West London,

Kian owned a 2 bedroom flat in West Harrow on the market with a lease of fraction over sixty years outstanding. Kian informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Kian to exercise his statutory right. Kian procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

West Harrow case:

Last Spring we were e-mailed by Dr Michael Petit , who was assigned a lease of a purpose-built apartment in West Harrow in June 1996. We are asked if we could estimate the price would likely be for a ninety year lease extension. Similar residencies in West Harrow with 100 year plus lease were in the region of £233,200. The average ground rent payable was £60 billed monthly. The lease ended in 2087. Taking into account 61 years unexpired we estimated the premium to the landlord to extend the lease to be within £22,800 and £26,400 plus expenses.