Top reasons for Harrold lease extension

Main reasons to start your Harrold lease extension today:

A Harrold leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Harrold you actually own a long leasehold interest over your property

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

Leasehold premises in Harrold with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to lend with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

What makes us experts in Harrold lease extensions?

Using our service gives you better control over the value of your Harrold leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Harrold Lease Extension Example Cases:

Morgan, Harrold, Bedfordshire,

In the wake of eight months of protracted discussions with the freeholder of her first floor flat in Harrold, Morgan started the lease extension process as the eighty year mark was fast approaching. The transaction completed in April 2014. The landlord’s charges were kept to an absolute minimum.

Harrold case:

Last Summer we were called by Ms H Bertrand , who bought a newly refurbished apartment in Harrold in May 2012. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Harrold with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease finished in 2094. Considering the 68 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.

Harrold case:

Last month we were phoned by Mr Toby Pérez , who purchased a studio apartment in Harrold in September 2006. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Similar residencies in Harrold with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed in 2105. Given that there were 79 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including legals.