Walton on the Naze leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Walton on the Naze tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Walton on the Naze you really ought to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Retaining our service gives you enhanced control over the value of your Walton on the Naze leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Thomas, came critically close to the eighty-year mark with the lease on his one bedroom flat in Walton on the Naze. Having purchased his property two decades ago, the lease term was of minimal bearing. As luck would have it, he recognised he needed to take steps soon on a lease extension. Thomas arranged for a lease extension at the eleventh hour in September. Thomas and the landlord ultimately agreed on sum of £5,500 . If the lease had slid to less than eighty years, the figure would have become more exhorbitant by at least £1,025.
Dr Y Bonnet moved into a one bedroom flat in Walton on the Naze in September 2010. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical premises in Walton on the Naze with 100 year plus lease were valued around £233,200. The average ground rent payable was £60 collected quarterly. The lease lapsed on 1 February 2087. Considering the 61 years outstanding we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.
In 2013 we were approached by Ms Georgia Jackson who, having was assigned a lease of a purpose-built apartment in Walton on the Naze in May 2003. The question was if we could estimate the premium would be to extend the lease by ninety years. Comparable residencies in Walton on the Naze with an extended lease were worth £171,800. The mid-range amount of ground rent was £55 billed annually. The lease elapsed on 14 September 2076. Taking into account 50 years left we approximated the premium to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of fees.