Top reasons for Hartford lease extension

Top reasons for lease extension now:

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

Chances are that 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 over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably experience problems where you wish to sell your flat in Hartford if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Hartford?

The conveyancers that we work with undertake Hartford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hartford Lease Extension Case Studies:

Sian, Hartford, Cheshire,

Off the back of unsuccessful negotiations with the freeholder of her first floor apartment in Hartford, Sian commenced the lease extension process as the 80 year deadline was swiftly approaching. The lease extension was concluded in October 2012. The freeholder’s charges were negotiated to under 650 pounds.

Hartford case:

Mr and Mrs. F López acquired a ground floor flat in Hartford in February 2004. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Hartford with a long lease were in the region of £243,000. The average amount of ground rent was £65 collected quarterly. The lease lapsed on 13 July 2089. Given that there were 63 years remaining we calculated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus expenses.

Hartford case:

In 2011 we were e-mailed by Mr and Mrs. B Clarke who, having owned a one bedroom apartment in Hartford in January 2003. We are asked if we could estimate the price would be for a 90 year lease extension. Comparable homes in Hartford with a long lease were valued about £181,600. The average amount of ground rent was £55 collected per annum. The lease expired on 25 January 2078. Having 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 plus expenses.