Top reasons for Hartford lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/hartford">Hartford</a> leasehold property depreciates with the years remaining on the lease.
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For anyone whose Hartford property is held on a long lease, our message is clear –
if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed.
The fewer the years remaining the less it is worth and the more it will cost to extend the lease.
<h4>Hartford property with a lease extension is almost the same value as a freehold</h4>
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Leasehold residencies in Hartford with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it. <h4>Lenders will not grant a mortgage with a short lease</h4> Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years left on the lease; others may be happy with anything with more than 70 years. With less than 60 years, it may be challenging to get a mortgage in the first place.
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<th> Requirement
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<td>Accord Mortgages</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Godiva Mortgages</td>
<td> A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<h4> Get in touch with one of our Hartford lease extension solicitors or enfranchisement solicitors
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Lease extensions in Hartford can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
<p>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 a wealth of experience 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.
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Hartford Lease Extension Example Cases:
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<h5> Blake, Hartford, Cheshire,</h5>
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Blake owned a high value apartment in Hartford being sold with a lease of just over 59 years unexpired. Blake informally approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Blake to exercise his statutory right. Blake procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
<h5>Hartford case:</h5>
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In 2013 we were e-mailed by Dr W Watson who, having moved into a purpose-built apartment in Hartford in September 2008. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar premises in Hartford with an extended lease were worth £191,400. The mid-range ground rent payable was £55 collected yearly. The lease elapsed on 2 November 2080. Considering the 54 years unexpired we approximated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 not including costs.
<h5>Hartford case:</h5>
<p> Mr and Mrs. T Davis bought a purpose-built flat in Hartford in January 2004. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable premises in Hartford with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 collected per annum. The lease expired on 6 June 2100. Given that there were 74 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.
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