Why you should commence your Walton on the Naze lease extension

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

A Walton on the Naze leasehold property depreciates with the years remaining on the lease.

The market value of a leasehold property in Walton on the Naze depends on how long the lease has left to run. If it is close to or less than eighty years you should anticipate problems on re-sale, so it is recommended to arrange for the lease to be extended ahead of buying. It is preferable to commence the lease extension process when a lease still has 82 years to run so that all matters can be finalised well before the eighty year threshold. Statute enables Walton on the Naze qualifying lessees to a ninety year extension added to their residual lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Walton on the Naze property with a lease extension has roughly the same value as a freehold

Leasehold premises in Walton on the Naze with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not finance a property on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Walton on the Naze lease extensions?

Lease extensions in Walton on the Naze can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Walton on the Naze lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walton on the Naze Lease Extension Case Summaries:

Omar, Walton on the Naze, Essex,

Omar was the the leasehold proprietor of a high value apartment in Walton on the Naze being marketed with a lease of a little over 72 years remaining. Omar on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Omar to invoke his statutory right. Omar obtained expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.

Walton on the Naze case:

In 2013 we were approached by Mrs P Vincent who, having owned a one bedroom flat in Walton on the Naze in June 2011. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative flats in Walton on the Naze with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated in 2095. Considering the 69 years outstanding we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus expenses.

Walton on the Naze case:

Last April we were phoned by Mr and Mrs. D Clark , who moved into a one bedroom flat in Walton on the Naze in January 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar premises in Walton on the Naze with 100 year plus lease were in the region of £216,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease finished on 20 March 2084. Given that there were 58 years remaining we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus professional charges.