Why you should start your Harrold lease extension

Main reasons to commence your Harrold lease extension today:

Increase your lease and increase your Harrold property value

The market value of Harrold leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

Harrold property with a lease extension is almost the same value as a freehold

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

Lenders may not issue a mortgage on a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As many flats in Harrold were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

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

Retaining our service gives you enhanced control over the value of your Harrold leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harrold Lease Extension Example Cases:

Tyler, Harrold, Bedfordshire

Half a year ago Tyler, came perilously close to the 80-year mark with the lease on his garden flat in Harrold. In buying his home 19 years previously, the lease term was of little relevance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Tyler extended the lease at the eleventh hour in March. Tyler and the landlord eventually settled on sum of £5,500 . If the lease had slid below eighty years, the sum would have gone up by a minimum £850.

Harrold case:

In 2011 we were e-mailed by Mrs K Dupont who, having acquired a one bedroom apartment in Harrold in August 2000. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparable flats in Harrold with 100 year plus lease were valued about £264,000. The mid-range ground rent payable was £60 billed monthly. The lease ran out in 2079. Given that there were 53 years outstanding we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including fees.

Harrold case:

Mr V Martin was assigned a lease of a ground floor apartment in Harrold in April 2009. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar properties in Harrold with 100 year plus lease were valued about £220,400. The average amount of ground rent was £45 billed quarterly. The lease ran out in 2090. Given that there were 64 years unexpired we calculated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of legals.