Stop! Your Lease Extension in Waltham Abbey Could Be FREE

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Many leaseholders in Waltham Abbey are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Waltham Abbey has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Waltham Abbey lease extension

Main reasons to commence your Waltham Abbey lease extension today:

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

The market value of Waltham Abbey leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is less than 80 years

Waltham Abbey property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Many mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Waltham Abbey property becoming difficult to sell or remortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Waltham Abbey lease extensions?

Regardless of whether you are a tenant or a freeholder in Waltham Abbey,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Waltham Abbey valuers.

Waltham Abbey Lease Extension Example Cases:

Eliot, Waltham Abbey, Essex

Half a year ago Eliot, came dangerously near to the 80-year mark with the lease on his leasehold apartment in Waltham Abbey. In buying his property twenty years ago, the lease term was of no importance. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Eliot was able to extend his lease just under the wire in May. Eliot and the landlord eventually agreed on an amount of £6,000 . If he failed to meet the deadline, the price would have escalated by at least £1,150.

Waltham Abbey case:

In 2014 we were contacted by Mrs U White who, having owned a first floor apartment in Waltham Abbey in June 2000. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Waltham Abbey with an extended lease were valued around £210,000. The average amount of ground rent was £50 collected annually. The lease terminated in 2106. Given that there were 80 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Waltham Abbey premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term as at the valuation date was 69.26 years.