Main reasons to start your Walton on the Naze lease extension

Main reasons to commence your Walton on the Naze lease extension today:

Increase your lease and increase your Walton on the Naze property value

The value of Walton on the Naze leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Walton on the Naze property.

Get in touch with one of our Walton on the Naze lease extension solicitors or enfranchisement solicitors

Retaining our service gives you increased control over the value of your Walton on the Naze leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Walton on the Naze Lease Extension Case Studies:

Leo, Walton on the Naze, Essex

During the course of the last few months Leo, came perilously close to the eighty-year threshold with the lease on his ground floor flat in Walton on the Naze. In buying his property 19 years previously, the unexpired term was of minimal significance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Leo was able to extend his lease at the eleventh hour last March. Leo and the landlord who owned the flat above in the end agreed on sum of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by at least £875.

Walton on the Naze case:

Mr and Mrs. J Phillips bought a purpose-built apartment in Walton on the Naze in January 1995. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar flats in Walton on the Naze with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease came to a finish on 18 April 2099. Considering the 73 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.

Walton on the Naze case:

Dr B Bertrand acquired a purpose-built flat in Walton on the Naze in March 2001. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparable premises in Walton on the Naze with 100 year plus lease were valued about £240,600. The average ground rent payable was £65 billed per annum. The lease ran out in 2088. Given that there were 62 years outstanding we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including costs.