Top reasons for Upper Walthamstow lease extension

Top reasons for lease extension now:

A Upper Walthamstow leasehold property depreciates with the years remaining on the lease.

For those whose Upper Walthamstow home is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Almost all mortgage companies will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Upper Walthamstow property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Upper Walthamstow?

Retaining our service gives you better control over the value of your Upper Walthamstow leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Upper Walthamstow Lease Extension Case Studies:

Nathaniel, Upper Walthamstow, North East London,

Nathaniel owned a studio apartment in Upper Walthamstow on the market with a lease of fraction over 59 years remaining. Nathaniel informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert advice and secured satisfactory deal informally and readily saleable.

Upper Walthamstow case:

Mr and Mrs. R Morel bought a recently refurbished flat in Upper Walthamstow in November 2011. We are asked if we could approximate the price could be for a 90 year lease extension. Similar flats in Upper Walthamstow with a long lease were valued around £216,000. The mid-range amount of ground rent was £60 billed monthly. The lease end date was on 11 March 2084. Having 58 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including legals.