Main reasons to commence your West Harrow lease extension

Top reasons for lease extension now:

A West Harrow leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to West Harrow lease terms. West Harrow leaseholds that have a remaining term lower than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

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

Leasehold properties in West Harrow with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering plenty of flats in West Harrow were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in West Harrow?

Lease extensions in West Harrow can be a difficult process. We recommend you get guidance from a lawyer 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 in-depth market knowledge dealing with West Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Harrow Lease Extension Example Cases:

David, West Harrow, North West London

Last October David, started to get near to the eighty-year threshold with the lease on his basement flat in West Harrow. In buying his home twenty years ago, the unexpired term was of minimal interest. by good luck, it dawned on him that he needed to take steps soon on a lease extension. David was able to extend his lease at the eleventh hour last August. David and the freeholder via the managing agents subsequently agreed on a premium of £6,000 . If he had missed the deadline, the figure would have increased by at least £1,075.

West Harrow case:

Last month we were contacted by Mr and Mrs. W Morel , who was assigned a lease of a ground floor apartment in West Harrow in February 2000. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in West Harrow with an extended lease were in the region of £210,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease terminated in 2106. Given that there were 80 years unexpired we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.