Why you should start your Harmondsworth lease extension

Top reasons for lease extension now:

A Harmondsworth leasehold property depreciates with the years remaining on the lease.

Harmondsworth residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering many flats in Harmondsworth were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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

Retaining our service gives you enhanced control over the value of your Harmondsworth leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Harmondsworth Lease Extension Case Summaries:

Cameron, Harmondsworth, West London,

Cameron was the the leasehold owner of a 2 bedroom apartment in Harmondsworth on the market with a lease of fraction over 61 years left. Cameron on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Cameron to invoke his statutory right. Cameron obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Harmondsworth case:

In 2009 we were phoned by Dr J Ricardo who, having moved into a ground floor flat in Harmondsworth in June 2012. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparable properties in Harmondsworth with a long lease were worth £250,400. The average amount of ground rent was £65 collected per annum. The lease ended in 2090. Having 64 years unexpired we calculated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 not including costs.