Harold Hill Lease Extension - Free Consultation

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Before you progress with your lease extension in Harold Hill
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Harold Hill lease extension

Main reasons to start your Harold Hill lease extension today:

Increase your lease and increase your Harold Hill property value

The only way is down when it comes to Harold Hill lease terms. Harold Hill leaseholds that have a lease term less than than 80 years will reduce in market price even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold residencies in Harold Hill with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies are really restricting their approach as regards to homes in Harold Hill with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of potential buyers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Harold Hill lease extensions?

Engaging our service will provide you better control over the value of your Harold Hill leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harold Hill Lease Extension Case Studies:

Isabelle, Harold Hill, London,

Trailing unsuccessful negotiations with the freeholder of her one bedroom apartment in Harold Hill, Isabelle initiated the lease extension process just as her lease was coming close to the crucial eighty-year mark. The lease extension completed in April 2012. The freeholder’s fees were restricted to about 450 pounds.

Harold Hill case:

In 2013 we were contacted by Ms Molly Wood who, having bought a garden apartment in Harold Hill in March 2004. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Identical flats in Harold Hill with 100 year plus lease were valued around £227,800. The average ground rent payable was £45 invoiced monthly. The lease lapsed in 2090. Taking into account 65 years remaining we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a Harold Hill premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.