Stop! Your Lease Extension in West Harrow Could Be FREE

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Many leaseholders in West Harrow are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in West Harrow has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your West Harrow lease extension

Main reasons to commence your West Harrow lease extension today:

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

The market value of West Harrow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in West Harrow with over 100 years left on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not lend with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years remaining on the lease; others may be willing to lend with anything over 70 years. With less than 60 years, it may be problematic to get a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

What makes us experts in West Harrow lease extensions?

Lease extensions in West Harrow can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 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:

Jodie, West Harrow, North West London,

In the wake of 6 months of lengthy correspondence with the landlord of her purpose-built apartment in West Harrow, Jodie commenced the lease extension process as the eighty year deadline was rapidly approaching. The legal work was concluded in April 2008. The freeholder’s costs were kept to an absolute minimum.

West Harrow case:

Mr and Mrs. K Morgan acquired a newly refurbished flat in West Harrow in September 2006. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparable properties in West Harrow with 100 year plus lease were valued about £200,000. The average ground rent payable was £50 collected every twelve months. The lease expiry date was in 2103. Given that there were 77 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.

Decision in Harrow

An example of a Lease Extension decision for a West Harrow property is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case affected 1 flat. The unexpired residue of the current lease was 75.25 years.