The nearer a residential lease in Hartford gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, beyond 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner than later. The majority of flat owners in Hartford will meet the qualifying criteria; nevertheless a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold premises in Hartford with more than 100 years left 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea 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. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Engaging our service gives you increased control over the value of your Hartford leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
14 months ago Evan, started to get close to the 80-year mark with the lease on his garden flat in Hartford. Having purchased his flat two decades ago, the lease term was of little bearing. As luck would have it, he noticed he would soon be paying an inflated amount for a lease extension. Evan was able to extend his lease just under the wire in August. Evan and the landlord eventually settled on the final figure of £6,000 . If the lease had gone to less than 80 years, the price would have become more exhorbitant by a minimum £975.
Dr Kai Evans bought a ground floor apartment in Hartford in July 1997. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Similar flats in Hartford with a long lease were worth £205,000. The average ground rent payable was £50 billed monthly. The lease expired on 25 February 2104. Having 79 years unexpired we calculated the compensation to the landlord for the lease extension to be between £7,600 and £8,800 not including professional charges.
Mr and Mrs. Y Carter owned a purpose-built apartment in Hartford in January 2004. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Hartford with a long lease were worth £275,000. The average ground rent payable was £65 collected quarterly. The lease end date was on 20 May 2093. Considering the 68 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.