Why you should commence your Harefield lease extension

Main reasons to start your Harefield lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Harefield may extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Harefield lease extension. Putting off that expense today simply increases the premium you will eventually be required to pay to extend the lease.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not lend with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as unacceptable for lending purposes.

What makes us experts in Harefield lease extensions?

Regardless of whether you are a tenant or a freeholder in Harefield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harefield valuers.

Harefield Lease Extension Case Studies:

Eleanor, Harefield, North London,

Following lengthy discussions with the freeholder of her two bedroom apartment in Harefield, Eleanor started the lease extension process as the eighty year threshold was fast coming. The lease extension was finalised in October 2015. The landlord’s fees were kept to an absolute minimum.

Harefield case:

Ms Isabella Adams was assigned a lease of a purpose-built flat in Harefield in February 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical properties in Harefield with a long lease were worth £174,200. The mid-range amount of ground rent was £55 billed quarterly. The lease terminated on 10 February 2077. Considering the 51 years remaining we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus costs.