Top reasons for Waltham Abbey lease extension

Main reasons to commence your Waltham Abbey lease extension today:

Increase your lease and increase your Waltham Abbey property value

It’s an underpublicised truth that a Waltham Abbey residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Waltham Abbey property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher amount will be payable. Most leasehold owners in Waltham Abbey will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This will cause difficulties when you wish to sell or remortgage your flat as it will be practically unmortgageable. Even though you may not have an imminent desire to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a a lease extension.

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

Retaining our service gives you better control over the value of your Waltham Abbey leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Waltham Abbey Lease Extension Case Summaries:

John, Waltham Abbey, Essex,

John owned a high value apartment in Waltham Abbey on the market with a lease of fraction over 72 years unexpired. John on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were John to exercise his statutory right. John procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Waltham Abbey case:

Mr and Mrs. I Jones was assigned a lease of a recently refurbished apartment in Waltham Abbey in April 1996. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar properties in Waltham Abbey with a long lease were worth £250,400. The mid-range amount of ground rent was £65 invoiced annually. The lease ended in 2090. Having 64 years outstanding we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus fees.