Why you should commence 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 depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend with a short lease

The trend since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. Historically lenders would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

Lease extensions in Harmondsworth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

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 dealing with Harmondsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harmondsworth Lease Extension Case Summaries:

Evan, Harmondsworth, West London,

Evan owned a conversion flat in Harmondsworth on the market with a lease of fraction over 72 years outstanding. Evan informally spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Evan to exercise his statutory right. Evan obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Harmondsworth case:

Ms Harriet White bought a ground floor flat in Harmondsworth in August 1998. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Comparative properties in Harmondsworth with a long lease were valued around £181,600. The average amount of ground rent was £55 invoiced per annum. The lease elapsed in 2078. Considering the 52 years outstanding we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of fees.