Why you should commence your Harpenden lease extension

Main reasons to start your Harpenden lease extension today:

Increase your lease and increase your Harpenden property value

On the balance of probabilities if you own a flat in Harpenden you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

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

Lending institutions will not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering a number of flats in Harpenden were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

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

Regardless of whether you are a tenant or a freeholder in Harpenden,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harpenden valuers.

Harpenden Lease Extension Example Cases:

Lauren, Harpenden, Hertfordshire,

Trailing lengthy negotiations with the landlord of her basement flat in Harpenden, Lauren started the lease extension process as the 80 year threshold was rapidly advancing. The legal work was finalised in August 2006. The landlord’s fees were kept to an absolute minimum.

Harpenden case:

Mrs V Williams purchased a studio flat in Harpenden in August 2005. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Comparative homes in Harpenden with a long lease were valued about £191,400. The average ground rent payable was £55 billed every twelve months. The lease terminated in 2080. Given that there were 54 years remaining we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 plus costs.

Harpenden case:

Dr Emma Brooks bought a ground floor apartment in Harpenden in June 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparable properties in Harpenden with a long lease were worth £295,000. The average ground rent payable was £45 collected annually. The lease ran out in 2100. Given that there were 74 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.