Why you should commence your Waltham Abbey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Waltham Abbey property value

The re-sale value of a leasehold property in Waltham Abbey is impacted by how many years the lease has left to run. If it is close to or less than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that all matters can be concluded prior to the 80 year cut off point. Current legislation enables Waltham Abbey qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to finance a property on a short lease

Most banks and building societies will be unwilling to lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Waltham Abbey property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Waltham Abbey lease extensions?

Retaining our service gives you enhanced control over the value of your Waltham Abbey leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Waltham Abbey Lease Extension Case Summaries:

Owen, Waltham Abbey, Essex

Half a year ago Owen, came seriously near to the eighty-year mark with the lease on his two bedroom flat in Waltham Abbey. In buying his home two decades ago, the length of the lease was of little significance. by good luck, he recognised he needed to take action soon on Extending the lease. Owen was able to extend his lease at the eleventh hour in May. Owen and the landlord in the end settled on a premium of £5,500 . If the lease had slipped to less than 80 years, the figure would have increased by at least £925.

Waltham Abbey case:

In 2014 we were called by Mr and Mrs. I Young who, having owned a garden apartment in Waltham Abbey in February 2009. The dilemma was if we could approximate the price could be for a 90 year lease extension. Similar flats in Waltham Abbey with a long lease were valued about £206,200. The mid-range amount of ground rent was £55 invoiced annually. The lease ran out on 19 June 2082. Taking into account 56 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including expenses.