Stop! Your Lease Extension in Hertford Could Be FREE

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Many leaseholders in Hertford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hertford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Hertford lease extension

Top reasons for lease extension now:

A Hertford leasehold property depreciates with the years remaining on the lease.

Hertford residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hertford with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Many will simply not lend at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are wanting to refinance your Hertford home.

Lender Requirement
Accord Mortgages 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.
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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
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.

Get in touch with one of our Hertford lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Hertford leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hertford Lease Extension Example Cases:

Natalie, Hertford, Hertfordshire,

Trailing protracted discussions with the landlord of her one bedroom apartment in Hertford, Natalie started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in July 2011. The landlord’s costs were kept to an absolute minimum.

Hertford case:

Mr and Mrs. R Vincent moved into a one bedroom apartment in Hertford in February 2012. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar flats in Hertford with a long lease were valued about £205,000. The average amount of ground rent was £50 billed per annum. The lease expiry date was in 2104. Taking into account 78 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.

Hertford case:

Mr H González completed a garden flat in Hertford in May 2009. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparable flats in Hertford with 100 year plus lease were worth £267,600. The average ground rent payable was £65 collected per annum. The lease lapsed on 2 September 2093. Having 67 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus professional charges.