Main reasons to start your Harefield lease extension

Why you should start your Harefield lease extension today:

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

With a residential leasehold property in Harefield, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than 80 years left. Anyone in Harefield with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When a lease has less than 80 years remaining, under the current legislation the freeholder is entitled to calculate and demand a greater premium, assessed on a technical multiplication, known as “marriage value” which is due.

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property with a short lease

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

Irrespective 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:

Evan, Harefield, North London,

Evan was the the leasehold owner of a 2 bedroom apartment in Harefield on the market with a lease of just over fifty eight years unexpired. Evan on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Evan to exercise his statutory right. Evan obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Harefield case:

Mr Arthur Norbert moved into a studio apartment in Harefield in June 1996. We are asked if we could approximate the premium would be to extend the lease by ninety years. Comparable residencies in Harefield with an extended lease were in the region of £235,600. The mid-range ground rent payable was £60 invoiced annually. The lease ran out in 2088. Considering the 62 years outstanding we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including costs.