Chances are that where you own a flat in Hartford you actually own a long leasehold interest over your property
Leasehold properties in Hartford with over one hundred 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| TSB | |
| Yorkshire Building Society |
Lease extensions in Hartford can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hartford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Zachary, came critically close to the eighty-year threshold with the lease on his studio apartment in Hartford. Having bought his flat two decades ago, the unexpired term was of no concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Zachary was able to extend his lease just under the wire last September. Zachary and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had fallen lower than eighty years, the figure would have gone up by a minimum £875.
In 2011 we were phoned by Dr W Taylor who, having was assigned a lease of a first floor flat in Hartford in June 2004. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Comparative premises in Hartford with an extended lease were in the region of £181,600. The average ground rent payable was £55 billed quarterly. The lease termination date was on 7 January 2078. Taking into account 52 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of fees.
Ms Hollie Mitchell owned a garden flat in Hartford in October 2012. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Hartford with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced yearly. The lease came to a finish in 2098. Taking into account 72 years outstanding we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.