Main reasons to commence your Harefield lease extension

Main reasons to start your Harefield lease extension today:

Increase your lease and increase your Harefield property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Harefield. Inevitably, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Harefield have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give careful consideration before putting off your Harefield lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend on a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Harefield home.

What makes us experts in Harefield lease extensions?

Lease extensions in Harefield can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer 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 a wealth of experience procuring Harefield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harefield Lease Extension Example Cases:

John, Harefield, North London

16 months ago John, came perilously near to the eighty-year threshold with the lease on his first floor apartment in Harefield. Having purchased his flat two decades ago, the unexpired term was of minimal significance. Thankfully, he noticed he needed to take action soon on a lease extension. John was able to extend his lease just in the nick of time last May. John and the landlord subsequently settled on the final figure of £6,000 . If the lease had slipped below eighty years, the figure would have gone up by at least £900.

Harefield case:

Mr H Gómez completed a purpose-built flat in Harefield in October 2005. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Similar properties in Harefield with a long lease were worth £233,200. The average ground rent payable was £60 invoiced quarterly. The lease concluded on 22 March 2087. Having 61 years unexpired we approximated the premium to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of costs.