Harefield Lease Extension - Free Consultation

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Before you progress with your lease extension in Harefield
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Harefield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Harefield property value

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

An extended lease is almost the same value as a freehold

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

Banks and Building Societies may decide not to loan monies with a short lease

Lenders do not grant a mortgage on short residential leases. You most probably experience problems where you wish to sell your flat in Harefield if the unexpired term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

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 prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Harefield valuers.

Harefield Lease Extension Example Cases:

Stephanie, Harefield, North London,

After unsuccessful negotiations with the freeholder of her basement flat in Harefield, Stephanie initiated the lease extension process as the eighty year threshold was swiftly nearing. The lease extension completed in May 2015. The freeholder’s charges were negotiated to approximately 600 GBP.

Harefield case:

In 2010 we were phoned by Mrs D Norbert who, having moved into a ground floor apartment in Harefield in April 1997. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Harefield with an extended lease were valued about £210,000. The average ground rent payable was £50 collected per annum. The lease ended in 2105. Having 79 years left we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Decision in Hillingdon

An example of a Lease Extension decision for a Harefield property 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 lease term was 71 years.