Why you should start your West Harrow lease extension

Top reasons for lease extension now:

Increase your lease and increase your West Harrow property value

West Harrow residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

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

Leasehold premises in West Harrow with over 100 years left 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 home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic once you need to market or refinance your property as it will be effectively unmortgageable. You might have no immediate plan to sell but when you do your buyer will have to wait 2 years before being able to exercise the right to a an extension to the lease.

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 secure professional help 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 in-depth market knowledge 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:

Eli, West Harrow, North West London,

Eli owned a high value flat in West Harrow on the market with a lease of a few days over 72 years unexpired. Eli informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

West Harrow case:

Mrs Amy Lefebvre was assigned a lease of a newly refurbished apartment in West Harrow in March 1996. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparable premises in West Harrow with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected quarterly. The lease elapsed on 6 July 2091. Taking into account 65 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 not including costs.