Upper Walthamstow leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Upper Walthamstow will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Upper Walthamstow can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Upper Walthamstow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Connor was the the leasehold proprietor of a high value flat in Upper Walthamstow being sold with a lease of a few days over 61 years left. Connor on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the flat.
Mr F Harris owned a one bedroom flat in Upper Walthamstow in October 2008. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar homes in Upper Walthamstow with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 collected per annum. The lease ended on 22 September 2104. Given that there were 78 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Upper Walthamstow property is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case related to 2 flats. The number of years remaining on the existing lease(s) was 64 years.