Why you should start your Upper Walthamstow lease extension

Main reasons to commence your Upper Walthamstow lease extension today:

Increase your lease and increase your Upper Walthamstow property value

Upper Walthamstow 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 your lease becomes more expensive. It is the case that most Upper Walthamstow tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Upper Walthamstow you should check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of the property will likely be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

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

Irrespective of whether you are a tenant or a landlord in Upper Walthamstow,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upper Walthamstow valuers.

Upper Walthamstow Lease Extension Case Studies:

Archie, Upper Walthamstow, North East London

Two years ago Archie, came very close to the 80-year mark with the lease on his first floor flat in Upper Walthamstow. In buying his property 18 years ago, the length of the lease was of no bearing. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Archie was able to extend his lease just ahead of time last August. Archie and the freeholder eventually settled on the final figure of £5,000 . If the lease had gone lower than 80 years, the price would have increased by at least £850.

Upper Walthamstow case:

In 2009 we were e-mailed by Dr E Scott who, having owned a studio flat in Upper Walthamstow in January 2004. We are asked if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar properties in Upper Walthamstow with a long lease were valued about £206,200. The mid-range ground rent payable was £55 billed yearly. The lease ran out on 21 May 2081. Given that there were 56 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.