Why you should start your New Waltham lease extension

Top reasons for lease extension now:

Increase your lease and increase your New Waltham property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in New Waltham can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your New Waltham lease extension. Postponing the costs today simply increases the amount you will eventually have to pay for a lease extension.

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

Leasehold premises in New Waltham with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the value of your property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our New Waltham lease extension solicitors or enfranchisement solicitors

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

New Waltham Lease Extension Case Summaries:

Tia, New Waltham, Lincolnshire,

In the wake of 6 months of lengthy correspondence with the freeholder of her one bedroom flat in New Waltham, Tia started the lease extension process just as her lease was nearing the critical 80-year deadline. The legal work was finalised in April 2012. The landlord’s costs were kept to an absolute minimum.

New Waltham case:

In 2011 we were called by Mr J White who, having moved into a newly refurbished apartment in New Waltham in November 2006. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in New Waltham with an extended lease were worth £254,200. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed in 2077. Having 51 years left we estimated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 not including professional charges.

New Waltham case:

Mr James Garcia purchased a studio apartment in New Waltham in June 2012. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative properties in New Waltham with a long lease were in the region of £210,600. The mid-range ground rent payable was £45 billed per annum. The lease terminated on 4 May 2088. Considering the 62 years remaining we approximated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including costs.