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Why you should commence your 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

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties as and when you come to dispose of or refinance your property as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your purchaser must wait 2 years before being able to start the legal procedures for an extension to the lease.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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.

What makes us experts in Harefield lease extensions?

Irrespective of whether you are a tenant or a freeholder 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 Example Cases:

Aimee, Harefield, North London,

Off the back of lengthy discussions with the freeholder of her two bedroom flat in Harefield, Aimee initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction completed in November 2010. The freeholder’s fees were restricted to a tad over 550 pounds.

Harefield case:

In 2009 we were e-mailed by Dr O Hill who, having purchased a one bedroom flat in Harefield in July 2007. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable properties in Harefield with an extended lease were worth £198,800. The average amount of ground rent was £55 billed monthly. The lease terminated on 11 November 2080. Considering the 55 years left we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 not including costs.

Decision in Hillingdon

An example of a Lease Extension case 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 was in relation to 3 flats. The remaining number of years on the lease was 71 years.