Saffron Walden leases on domestic deteriorating in value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher amount will be due. Flat owners in Saffron Walden will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold premises in Saffron Walden with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Halifax | |
| Skipton Building Society | |
| Yorkshire Building Society |
Engaging our service gives you enhanced control over the value of your Saffron Walden leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Jonathan, came very near to the eighty-year mark with the lease on his studio flat in Saffron Walden. Having purchased his home two decades ago, the length of the lease was of little importance. by good luck, he recognised he would imminently be paying an inflated amount for Extending the lease. Jonathan extended the lease just in the nick of time last August. Jonathan and the freeholder via the management company in the end settled on the final figure of £5,000 . If the lease had descended to less than 80 years, the premium would have become more costly by a minimum £975.
In 2010 we were phoned by Dr T Johnson who, having completed a ground floor apartment in Saffron Walden in August 2002. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar premises in Saffron Walden with an extended lease were worth £168,800. The average amount of ground rent was £60 collected monthly. The lease came to a finish on 15 November 2081. Having 55 years unexpired we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus professional charges.
Last Summer we were phoned by Dr W Rivera , who bought a ground floor apartment in Saffron Walden in June 2009. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable flats in Saffron Walden with a long lease were valued around £235,200. The mid-range ground rent payable was £45 billed every twelve months. The lease came to a finish on 21 July 2092. Given that there were 66 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.