Main reasons to commence your Harrold lease extension

Top reasons for lease extension now:

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

Harrold leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease drops below eighty years - otherwise a higher amount will be payable. Flat owners in Harrold will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably experience problems where you need to sell your flat in Harrold if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Harrold lease extensions?

The conveyancers that we work with procure Harrold lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Harrold Lease Extension Case Summaries:

Aaron, Harrold, Bedfordshire,

Aaron owned a conversion apartment in Harrold being marketed with a lease of just over sixty years unexpired. Aaron informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Aaron to invoke his statutory right. Aaron obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Harrold case:

Last Christmas we were called by Mrs Alicia Khan , who purchased a purpose-built apartment in Harrold in April 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Similar premises in Harrold with 100 year plus lease were worth £220,400. The mid-range amount of ground rent was £45 billed annually. The lease expired on 22 September 2090. Taking into account 64 years left we estimated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus costs.

Harrold case:

Last November we were called by Ms U Thomas , who completed a ground floor apartment in Harrold in March 2001. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable flats in Harrold with an extended lease were in the region of £270,000. The average ground rent payable was £55 billed yearly. The lease ran out on 14 January 2101. Considering the 75 years remaining we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.