Top reasons for Hatfield lease extension

Why you should start your Hatfield lease extension today:

Increase your lease and increase your Hatfield property value

For anyone whose Hatfield flat is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Hatfield property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may be problematic as and when you come to sell or remortgage your flat as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your buyer must hold off for 2 years before being able to commence the legal procedures for an extension to the lease.

What makes us experts in Hatfield lease extensions?

Regardless of whether you are a tenant or a freeholder in Hatfield,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hatfield valuers.

Hatfield Lease Extension Example Cases:

Ollie, Hatfield, Hertfordshire

Half a year ago Ollie, came seriously close to the 80-year mark with the lease on his first floor flat in Hatfield. In buying his property twenty years previously, the unexpired term was of little relevance. Thankfully, he recognised he needed to take steps soon on a lease extension. Ollie was able to extend his lease at the eleventh hour last January. Ollie and the freeholder via the management company eventually settled on an amount of £5,000 . If the lease had fallen below 80 years, the price would have gone up by at least £1,075.

Hatfield case:

Last month we were phoned by Ms Jordan Rodríguez , who moved into a purpose-built apartment in Hatfield in June 2007. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative homes in Hatfield with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2104. Taking into account 78 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.

Hatfield case:

Last Summer we were contacted by Ms Kate Clarke , who was assigned a lease of a studio flat in Hatfield in August 2011. The question was if we could estimate the premium could be for a ninety year extension to my lease. Similar premises in Hatfield with a long lease were worth £191,000. The mid-range amount of ground rent was £65 billed quarterly. The lease finished on 10 November 2084. Considering the 58 years left we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.