Why you should start your Hatfield lease extension

Top reasons for lease extension now:

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

For those whose Hatfield home is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension.

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

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to homes in Hatfield with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

Why use us for your lease extension in Hatfield?

Lease extensions in Hatfield can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Hatfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hatfield Lease Extension Case Studies:

Chantelle, Hatfield, Hertfordshire,

Off the back of protracted correspondence with the freeholder of her studio flat in Hatfield, Chantelle started the lease extension process as the 80 year mark was rapidly coming. The legal work completed in April 2015. The landlord’s charges were kept to an absolute minimum.

Hatfield case:

In 2010 we were called by Dr D Moreau who, having owned a basement apartment in Hatfield in July 2006. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative homes in Hatfield with a long lease were valued around £193,400. The average ground rent payable was £65 invoiced annually. The lease elapsed on 17 September 2085. Considering the 59 years outstanding we calculated the premium to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of fees.

Hatfield case:

In 2013 we were approached by Mr and Mrs. T Sharif who, having acquired a studio apartment in Hatfield in February 2009. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Similar residencies in Hatfield with an extended lease were worth £255,000. The average ground rent payable was £50 collected yearly. The lease expired in 2096. Taking into account 70 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.