Upper Walthamstow leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Upper Walthamstow enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Upper Walthamstow you should investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Upper Walthamstow leaseholder with a lease having around eighty years remaining should take action to make sure that a lease extension is put in place without delay
Leasehold premises in Upper Walthamstow with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you increased control over the value of your Upper Walthamstow leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Aarav was the the leasehold owner of a high value apartment in Upper Walthamstow on the market with a lease of just over 72 years unexpired. Aarav informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Aarav to invoke his statutory right. Aarav procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.
Dr Jodie Cook acquired a purpose-built apartment in Upper Walthamstow in October 2002. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar flats in Upper Walthamstow with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed yearly. The lease ran out on 19 November 2103. Taking into account 79 years remaining we approximated the premium to the landlord for the lease extension to be within £7,600 and £8,800 exclusive of expenses.
An example of a Freehold Enfranchisement decision for a Upper Walthamstow residence is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case was in relation to 2 flats. The unexpired residue of the current lease was 64 years.