Why you should start your Waltham Abbey lease extension

Top reasons for lease extension now:

A Waltham Abbey leasehold property depreciates with the years remaining on the lease.

Waltham Abbey leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Waltham Abbey tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Waltham Abbey you should see if your lease has between 70 and ninety years left. There are good reasons why a Waltham Abbey flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is put in place without delay

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

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

Banks and building societies vary in their lending criteria. Some set the bar at 75 years remaining on the lease; others may be content with anything in excess 70 years. With less than sixty years, it may be difficult to get a mortgage in the first place.

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 marketable in terms of lease length should you want 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 Example Cases:

Olivia, Waltham Abbey, Essex,

Subsequent to lengthy correspondence with the freeholder of her basement apartment in Waltham Abbey, Olivia initiated the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction was finalised in May 2011. The freeholder’s fees were negotiated to a tad over 700 pounds.

Waltham Abbey case:

Ms L Morel purchased a recently refurbished apartment in Waltham Abbey in March 1996. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparative properties in Waltham Abbey with 100 year plus lease were in the region of £166,800. The mid-range amount of ground rent was £55 billed quarterly. The lease came to a finish on 2 July 2075. Having 50 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including legals.