Main reasons to commence your South Harrow lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Harrow property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in South Harrow. Inevitably, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the property needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in South Harrow have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due attention before delaying your South Harrow lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend your lease

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

Leasehold properties in South Harrow with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not loan monies on a short lease

Lending institutions have set criteria when lending funds charged on leasehold property. Some will simply not lend at all once the remaining lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your South Harrow property.

Why use us for your lease extension in South Harrow?

Engaging our service gives you better control over the value of your South Harrow leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Harrow Lease Extension Example Cases:

Eliot, South Harrow, North London

Last October Eliot, came seriously near to the 80-year threshold with the lease on his one bedroom flat in South Harrow. Having bought his property twenty years previously, the unexpired term was of no interest. Thankfully, he realised he needed to take steps soon on a lease extension. Eliot extended the lease just ahead of time last September. Eliot and the landlord subsequently agreed on an amount of £5,500 . If the lease had slipped to less than eighty years, the premium would have escalated by at least £1,075.

South Harrow case:

Last year we were contacted by Mr and Mrs. N Ward , who moved into a garden apartment in South Harrow in October 2001. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative properties in South Harrow with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease elapsed on 14 July 2081. Considering the 56 years unexpired we calculated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 plus fees.