When it comes to residential leasehold premises in Walton on the Naze, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than 80 years remaining. Residents in Walton on the Naze with a lease approaching 81 years unexpired should seriously consider extending it sooner than later. Once the lease term has below eighty years outstanding, under the current statute the freeholder is entitled to calculate and demand a greater amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Walton on the Naze can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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.
Adam owned a conversion flat in Walton on the Naze on the market with a lease of fraction over 61 years left. Adam informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be payable on a lease extension were Adam to invoke his statutory right. Adam obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Last Christmas we were called by Dr B Garcia , who completed a one bedroom flat in Walton on the Naze in January 2007. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparable properties in Walton on the Naze with a long lease were worth £200,000. The average ground rent payable was £50 billed monthly. The lease concluded in 2103. Considering the 77 years remaining we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.
In 2014 we were approached by Ms Maisie Martínez who, having was assigned a lease of a one bedroom apartment in Walton on the Naze in June 2006. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Identical residencies in Walton on the Naze with a long lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease came to a finish on 2 April 2092. Having 66 years remaining we approximated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including fees.