Waltham Abbey Lease Extension - Free Consultation

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Get a quote from one of our lease extension experts with over 20 years experience.

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It may end up saving you thousands.

Why you should start your Waltham Abbey lease extension

Main reasons to start your Waltham Abbey lease extension today:

Increase your lease and increase your Waltham Abbey property value

On the balance of probabilities where you own a flat in Waltham Abbey you actually own a long leasehold interest over your property

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 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies will not grant a mortgage with a short lease

Mortgage Lenders differ in their lending requirements. Some set the bar at seventy five years remaining on the lease; others may be content with anything in excess 70 years. With less than 60 years, it may be problematic to get a mortgage at all.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start 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
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Waltham Abbey?

The conveyancers that we work with procure 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:

Niamh, Waltham Abbey, Essex,

Subsequent to protracted correspondence with the freeholder of her studio flat in Waltham Abbey, Niamh started the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was finalised in June 2010. The freeholder’s fees were restricted to below five hundred GBP.

Waltham Abbey case:

Last year we were phoned by Mr and Mrs. N Wright , who acquired a recently refurbished apartment in Waltham Abbey in May 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Waltham Abbey with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 billed monthly. The lease expired in 2081. Having 57 years as a residual term we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.

Decision in Redbridge

An example of a Freehold Enfranchisement matter before the tribunal for a Waltham Abbey property 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 affected 2 flats. The remaining number of years on the lease was 69.26 years.