Chances are that where you own a flat in Hartford you actually own a long leasehold interest over your property
Leasehold residencies in Hartford with over 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Skipton Building Society | |
| The Mortgage Works |
The conveyancers that we work with procure Hartford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Ben was the the leasehold owner of a high value apartment in Hartford on the market with a lease of fraction over 72 years unexpired. Ben informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Ben to invoke his statutory right. Ben procured expert advice and secured an acceptable resolution without resorting to tribunal and sell the flat.
Last year we were approach by Mr and Mrs. A Díaz , who completed a studio apartment in Hartford in October 2011. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Similar properties in Hartford with a long lease were valued around £205,000. The mid-range amount of ground rent was £50 billed monthly. The lease lapsed on 19 November 2105. Considering the 79 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
Mrs B Turner purchased a one bedroom flat in Hartford in February 2007. The question was if we could estimate the price would likely be for a ninety year lease extension. Identical premises in Hartford with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £65 collected monthly. The lease expiry date was on 19 April 2094. Considering the 68 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.