Stop! Your Lease Extension in Hartford Could Be FREE

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Many leaseholders in Hartford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hartford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Hartford lease extension

Why you should commence your Hartford lease extension today:

Increase your lease and increase your Hartford property value

On the balance of probabilities where you own a flat in Hartford you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may be problematic as and when you need to sell or remortgage your flat as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your buyer will need to hold off for a couple of years before being able to start the legal procedures for an extension to the lease.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 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.

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 lawyers 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:

Shannon, Hartford, Cheshire,

Trailing unsuccessful negotiations with the landlord of her first floor apartment in Hartford, Shannon started the lease extension process as the 80 year mark was fast nearing. The transaction completed in February 2015. The freeholder’s fees were kept to an absolute minimum.

Hartford case:

In 2014 we were called by Ms Megan Bell who, having bought a one bedroom flat in Hartford in September 2004. We are asked if we could approximate the price would be to extend the lease by 90 years. Similar properties in Hartford with 100 year plus lease were worth £275,000. The average amount of ground rent was £65 collected every twelve months. The lease terminated on 22 October 2094. Considering the 68 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Hartford case:

In 2011 we were phoned by Ms H Simon who, having bought a garden flat in Hartford in January 1997. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar premises in Hartford with an extended lease were worth £208,600. The average amount of ground rent was £60 invoiced monthly. The lease lapsed on 3 October 2083. Given that there were 57 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus legals.