Top reasons for Hartford lease extension

Main reasons to commence your Hartford lease extension today:

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

For those whose Hartford flat is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hartford with in excess of one hundred years left on the lease are often regarded as a ‘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 upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not loan monies on a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Hartford property.

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

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

Hartford Lease Extension Example Cases:

Alex, Hartford, Cheshire

During the course of the last few months Alex, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Hartford. Having purchased his flat twenty years previously, the unexpired term was of minimal bearing. Luckily, he realised he needed to take action soon on Extending the lease. Alex extended the lease just in the nick of time last June. Alex and the freeholder ultimately settled on a premium of £5,000 . If he not met the deadline, the amount would have escalated by a minimum £1,125.

Hartford case:

Mrs H Walker purchased a first floor flat in Hartford in June 1995. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical flats in Hartford with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £50 collected quarterly. The lease expiry date was on 16 April 2101. Having 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.

Hartford case:

In 2011 we were contacted by Dr Jamie Richardson who, having bought a one bedroom flat in Hartford in September 2001. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable properties in Hartford with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed yearly. The lease expired on 12 May 2090. Given that there were 64 years unexpired we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 not including costs.