Main reasons to commence your West Harrow lease extension

Why you should start your West Harrow lease extension today:

Increase your lease and increase your West Harrow property value

West Harrow leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying West Harrow residential leaseholders to extend the terms of long leases. If you are a leasehold owner in West Harrow you should investigate if your lease has between seventy and 90 years remaining. There are good reasons why a West Harrow leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in West Harrow with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not lend with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in West Harrow were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in West Harrow?

The lawyers that we work with handle 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 lawyer we work with provide it.

West Harrow Lease Extension Example Cases:

Oscar, West Harrow, North West London

In 2014 Oscar, started to get close to the 80-year mark with the lease on his basement apartment in West Harrow. Having bought his property 19 years previously, the lease term was of minimal interest. Luckily, he recognised he needed to take action soon on Extending the lease. Oscar arranged for a lease extension at the eleventh hour last July. Oscar and the freeholder via the management company ultimately settled on an amount of £6,000 . If the lease had slid to less than 80 years, the amount would have escalated by a minimum £1,050.

West Harrow case:

In 2011 we were contacted by Mrs Robyn Moore who, having owned a newly refurbished apartment in West Harrow in June 1999. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparative residencies in West Harrow with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2102. Considering the 76 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.