West Harrow Lease Extension - Free Consultation

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Top reasons for West Harrow lease extension

Main reasons to commence your West Harrow lease extension today:

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

West Harrow leases on residential properties are gradually decreasing 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 West Harrow enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in West Harrow you should investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay 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 property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Nearly all mortgage companies require a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should keep in mind that it is probable that someone wanting to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
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
Royal Bank of Scotland Mortgage term plus 30 years.

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

Lease extensions in West Harrow can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 procuring 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 Case Studies:

Elijah, West Harrow, North West London,

Elijah was the the leasehold owner of a conversion flat in West Harrow on the market with a lease of a few days over fifty eight years outstanding. Elijah informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert legal guidance and secured satisfactory resolution informally and sell the property.

West Harrow case:

Last Winter we were approach by Mr Y Rose , who took over the lease of a studio apartment in West Harrow in April 2011. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparative properties in West Harrow with a long lease were in the region of £260,200. The average amount of ground rent was £65 collected per annum. The lease expired in 2090. Given that there were 66 years remaining we calculated the compensation to the landlord for the lease extension to be between £16,200 and £18,600 not including legals.

Decision in Harrow

An example of a Lease Extension decision for a West Harrow residence 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 related to 1 flat. The unexpired lease term was 75.25 years.