Main reasons to commence your Harlesden lease extension

Top reasons for lease extension now:

A Harlesden lease depreciates with the years remaining on the lease.

The market value of Harlesden leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

Harlesden property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Banks and building societies are distinct in their lending criteria. Some set the bar at seventy five years outstanding on the lease; others may be prepared to lend with anything over 70 years. Below sixty years, it may be challenging to obtain a mortgage in the first place.

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

Lease extensions in Harlesden can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 Harlesden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harlesden Lease Extension Example Cases:

Ben, Harlesden, North West London,

Ben owned a high value apartment in Harlesden on the market with a lease of a few days over 59 years unexpired. Ben informally spoke with his freeholder a well known Manchester-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 new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ben to invoke his statutory right. Ben obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Harlesden case:

Dr Ollie Ramírez completed a garden flat in Harlesden in February 1996. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative homes in Harlesden with 100 year plus lease were worth £270,000. The average ground rent payable was £55 collected monthly. The lease ran out on 25 March 2100. Taking into account 75 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.