Top reasons for Upper Walthamstow lease extension

Why you should start your Upper Walthamstow lease extension today:

Increase your lease and increase your Upper Walthamstow property value

There is no doubt about it a leasehold property in Upper Walthamstow is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond 100 years to run then this decrease may be fractional however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner as opposed to later. Most flat owners in Upper Walthamstow will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Most mortgage lenders will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Upper Walthamstow property becoming difficult to dispose of or refinance.

Get in touch with one of our Upper Walthamstow lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Upper Walthamstow 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 conveyancer we work with provide it.

Upper Walthamstow Lease Extension Example Cases:

Jonathan, Upper Walthamstow, North East London,

Jonathan owned a high value flat in Upper Walthamstow on the market with a lease of a little over 72 years remaining. Jonathan informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jonathan to invoke his statutory right. Jonathan obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Upper Walthamstow case:

In 2009 we were phoned by Dr T Laurent who, having took over the lease of a garden flat in Upper Walthamstow in August 2008. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparable premises in Upper Walthamstow with a long lease were in the region of £267,600. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish on 22 August 2093. Taking into account 67 years outstanding we calculated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 plus expenses.