Hartford Lease Extension - Free Consultation

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Why you should commence your Hartford lease extension


Top reasons for lease extension now:

Increase your lease and increase your Hartford property value

When it comes to long leasehold property in Hartford, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are less than 80 years left. Anyone in Hartford with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once the lease term has less than eighty years left, under the current Act the landlord can calculate and levy a larger amount, based on a technical computation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not finance a property on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Hartford lease extensions?

Lease extensions in Hartford can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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.

Hartford Lease Extension Case Studies:

Jessica, Hartford, Cheshire,

Subsequent to protracted correspondence with the landlord of her two bedroom flat in Hartford, Jessica initiated the lease extension process as the 80 year threshold was swiftly nearing. The transaction completed in July 2007. The freeholder’s fees were negotiated to below 500 GBP.

Hartford case:

Mr Y Lefebvre completed a newly refurbished apartment in Hartford in April 1999. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparable premises in Hartford with an extended lease were valued about £250,400. The average ground rent payable was £65 invoiced every twelve months. The lease ran out in 2089. Taking into account 64 years remaining we approximated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 not including costs.

Hartford case:

Last July we were approach by Mr and Mrs. W Leroy , who bought a one bedroom flat in Hartford in September 2007. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Identical residencies in Hartford with a long lease were worth £184,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease termination date was in 2078. Given that there were 53 years remaining we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.