Main reasons to commence your Harmondsworth lease extension

Top reasons for lease extension now:

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

With a residential leasehold property in Harmondsworth, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Residents in Harmondsworth with a lease drawing near to 81 years unexpired should seriously think of extending it sooner than later. Once the lease term has fewer than eighty years remaining, under the relevant Act the freeholder can calculate and charge a greater premium, assessed on a technical computation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage with a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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 procure guidance from a conveyancer 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 a wealth of experience procuring 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 Example Cases:

Sophie, Harmondsworth, West London,

Trailing lengthy negotiations with the landlord of her basement flat in Harmondsworth, Sophie started the lease extension process as the eighty year mark was quickly nearing. The transaction was concluded in September 2008. The freeholder’s costs were restricted to slightly above five hundred pounds.

Harmondsworth case:

Last month we were approach by Mr P Davies , who acquired a newly refurbished apartment in Harmondsworth in July 2012. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar flats in Harmondsworth with an extended lease were valued about £201,200. The average ground rent payable was £55 invoiced yearly. The lease ended on 9 September 2082. Considering the 56 years left we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.