Stop! Your Lease Extension in Harefield Could Be FREE

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Many leaseholders in Harefield 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 Harefield 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.

Top reasons for Harefield lease extension

Why you should commence your Harefield lease extension today:

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

On the balance of probabilities if you own a flat in Harefield you actually own a long leasehold interest over your property

Harefield property with a lease extension is almost the same value as a freehold

Leasehold residencies in Harefield with over 100 years outstanding 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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Lending institutions will not regard property with a remaining below 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Harefield home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Harefield?

Engaging our service will provide you better control over the value of your Harefield leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harefield Lease Extension Case Summaries:

Lauren, Harefield, North London,

Off the back of protracted correspondence with the landlord of her garden apartment in Harefield, Lauren commenced the lease extension process as the 80 year deadline was fast coming. The lease extension was concluded in March 2006. The freeholder’s fees were restricted to below 650 pounds.

Harefield case:

In 2010 we were approached by Mr Jude Mitchell who, having was assigned a lease of a studio flat in Harefield in August 1996. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical properties in Harefield with a long lease were worth £191,400. The average ground rent payable was £55 billed monthly. The lease lapsed on 21 October 2080. Given that there were 54 years left we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.

Decision in Hillingdon

An example of a Lease Extension decision for a Harefield residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The unexpired residue of the current lease was 71 years.