Why you should commence your Waltham Abbey lease extension

Top reasons for lease extension now:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Waltham Abbey have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Waltham Abbey lease extension. Putting off that expense today simply escalates the price you will eventually be required to pay to extend the lease.

Waltham Abbey property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to finance a property on a short lease

What makes us experts in Waltham Abbey lease extensions?

The conveyancers that we work with undertake Waltham Abbey lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Waltham Abbey Lease Extension Example Cases:

Jasper, Waltham Abbey, Essex

In recent months Jasper, started to get close to the 80-year threshold with the lease on his studio apartment in Waltham Abbey. Having purchased his home 18 years previously, the unexpired term was of little importance. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Jasper extended the lease just in the nick of time in March. Jasper and the landlord who owned the flat above eventually settled on the final figure of £5,000 . If the lease had dipped below eighty years, the price would have escalated by at least £1,100.

Waltham Abbey case:

Mrs U Alexander owned a garden apartment in Waltham Abbey in February 2009. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Similar properties in Waltham Abbey with 100 year plus lease were worth £225,800. The average amount of ground rent was £60 billed yearly. The lease end date was on 19 July 2086. Having 60 years unexpired we approximated the premium to the landlord for the lease extension to be between £23,800 and £27,400 not including expenses.