Hartford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Hartford residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hartford you should see if your lease has between 70 and ninety years left. There are good reasons why a Hartford flat owner with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay
Leasehold premises in Hartford with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Hartford,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hartford valuers.
Trailing unsuccessful negotiations with the freeholder of her first floor flat in Hartford, Erin initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction completed in September 2010. The landlord’s costs were negotiated to approximately 650 GBP.
Dr Alicia Morel bought a studio flat in Hartford in October 1998. The question was if we could approximate the premium could be for a 90 year lease extension. Similar residencies in Hartford with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 invoiced monthly. The lease expired on 15 October 2097. Taking into account 71 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including expenses.
In 2011 we were contacted by Mrs O Leroy who, having was assigned a lease of a studio flat in Hartford in April 1996. The question was if we could estimate the price could be for a 90 year lease extension. Identical properties in Hartford with a long lease were in the region of £225,800. The average ground rent payable was £60 invoiced quarterly. The lease concluded on 7 June 2086. Considering the 60 years left we approximated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 plus expenses.