Saffron Walden Lease Extension - Free Consultation

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Main reasons to commence your Saffron Walden lease extension

Why you should commence your Saffron Walden lease extension today:

Increase your lease and increase your Saffron Walden property value

Saffron Walden leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Saffron Walden enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Saffron Walden you must investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This will be problematic when you wish to market or refinance your property as it will be effectively unmortgageable. You may have no immediate plan to sell but when you do your buyer must wait a couple of years before they can exercise the right to a a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
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

Get in touch with one of our Saffron Walden lease extension solicitors or enfranchisement solicitors

Lease extensions in Saffron Walden can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Saffron Walden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Saffron Walden Lease Extension Case Studies:

Stephanie, Saffron Walden, Essex,

Trailing lengthy negotiations with the freeholder of her garden apartment in Saffron Walden, Stephanie started the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension completed in May 2008. The landlord’s charges were kept to an absolute minimum.

Saffron Walden case:

Last year we were e-mailed by Mr and Mrs. D Jones , who acquired a garden apartment in Saffron Walden in July 1995. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparable flats in Saffron Walden with 100 year plus lease were worth £200,800. The average amount of ground rent was £65 invoiced annually. The lease expired on 22 November 2081. Given that there were 60 years outstanding we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus costs.

Saffron Walden case:

Dr R Rivera owned a garden flat in Saffron Walden in November 1996. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative flats in Saffron Walden with an extended lease were worth £260,000. The average amount of ground rent was £50 invoiced per annum. The lease terminated on 3 September 2092. Having 71 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.