Main reasons to start your Hartfield lease extension

Why you should start your Hartfield lease extension today:

A Hartfield lease depreciates with the years remaining on the lease.

Hartfield 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 your lease gets more expensive. It is the case that most Hartfield tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Hartfield you really ought to investigate if your lease has between 70 and 90 years left. There are good reasons why a Hartfield flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is actioned without delay

Hartfield property with a lease extension has roughly the same value as a freehold

Leasehold premises in Hartfield with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As plenty of flats in Hartfield were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Hartfield?

Engaging our service gives you better control over the value of your Hartfield leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hartfield Lease Extension Example Cases:

Michael, Hartfield, East Sussex

During the course of the last few months Michael, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Hartfield. In buying his flat 19 years previously, the length of the lease was of minimal bearing. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Michael extended the lease just under the wire in January. Michael and the freeholder via the management company eventually settled on an amount of £5,500 . If he had missed the deadline, the price would have become more costly by at least £900.

Hartfield case:

Last Spring we were approach by Dr Ethan Pérez , who purchased a first floor flat in Hartfield in September 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar residencies in Hartfield with a long lease were valued around £285,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease came to a finish on 1 May 2105. Given that there were 79 years outstanding we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus professional charges.

Hartfield case:

Mr and Mrs. G Moreau bought a garden apartment in Hartfield in November 2011. The question was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical premises in Hartfield with 100 year plus lease were valued around £193,400. The mid-range ground rent payable was £65 billed every twelve months. The lease concluded in 2085. Given that there were 59 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of legals.