Main reasons to commence your Upper Walthamstow lease extension

Why you should commence your Upper Walthamstow lease extension today:

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

It’s an underpublicised truth that a Upper Walthamstow residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Upper Walthamstow property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If the number of years remaining falls below 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Upper Walthamstow will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.

Upper Walthamstow property with a lease extension is almost the same value as a freehold

Leasehold properties in Upper Walthamstow with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Why use us for your lease extension in Upper Walthamstow?

Using our service gives you better control over the value of your Upper Walthamstow leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Upper Walthamstow Lease Extension Case Studies:

Ollie, Upper Walthamstow, North East London

In 2014 Ollie, started to get near to the 80-year mark with the lease on his first floor apartment in Upper Walthamstow. Having bought his flat 18 years previously, the length of the lease was of little bearing. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Ollie arranged for a lease extension just in the nick of time in August. Ollie and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If the lease had slipped below eighty years, the figure would have gone up by at least £850.

Upper Walthamstow case:

Last month we were approach by Mr and Mrs. C Norbert , who owned a studio flat in Upper Walthamstow in May 2012. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Identical homes in Upper Walthamstow with 100 year plus lease were valued around £295,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease elapsed in 2100. Taking into account 74 years left we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.