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.

Main reasons to start your Harefield lease extension

Main reasons to start your Harefield lease extension today:

Increase your lease and increase your Harefield property value

The only way is down when it comes to Harefield lease terms. Harefield flats that have a residual term fewer than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be inadequate for lending purposes.

Lender Requirement
Barclays plc
Coventry Building Society
Godiva Mortgages
Halifax
Yorkshire Building Society

Get in touch with one of our Harefield lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Harefield,the lease extension experts that we work with will always be happy 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:

Gemma, Harefield, North London,

After unsuccessful correspondence with the landlord of her leasehold apartment in Harefield, Gemma commenced the lease extension process just as the lease was nearing the critical 80-year deadline. The lease extension completed in October 2014. The landlord’s fees were negotiated to slightly above 450 pounds.

Harefield case:

Mr and Mrs. O Leroy took over the lease of a garden apartment in Harefield in July 2008. We are asked if we could estimate the price could be to prolong the lease by ninety years. Comparable flats in Harefield with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 billed yearly. The lease expired on 9 July 2092. Taking into account 66 years as a residual term we approximated the premium to the landlord to extend the lease to be between £16,200 and £18,600 not including costs.

Decision in Hillingdon

An example of a Lease Extension matter before the tribunal for a Harefield premises 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 affected 3 flats. The remaining number of years on the lease was 71 years.