The re-sale value of a leasehold property in Walham Green is impacted by how long the lease has remaining. If it is close to or less than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is preferable to start the lease extension process when a lease still has 82 years remaining so that formalities can be finalised prior to the 80 year threshold. Current legislation enables Walham Green qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a further term of 90 years. The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same 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.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Walham Green can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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 dealing with Walham Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Reuben, came dangerously close to the 80-year mark with the lease on his studio flat in Walham Green. In buying his property two decades ago, the unexpired term was of little significance. Thankfully, he realised he needed to take action soon on Extending the lease. Reuben arranged for a lease extension just under the wire in August. Reuben and the landlord in the end settled on an amount of £6,000 . If the lease had gone below 80 years, the figure would have increased by a minimum £1,050.
Last Winter we were called by Mr W Rodríguez , who completed a one bedroom flat in Walham Green in October 2004. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Walham Green with a long lease were worth £242,600. The average amount of ground rent was £45 invoiced every twelve months. The lease came to a finish on 18 February 2093. Taking into account 67 years remaining we estimated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including expenses.
In 2011 we were approached by Ms S Johnson who, having purchased a basement flat in Walham Green in February 1999. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparable properties in Walham Green with a long lease were worth £280,000. The average ground rent payable was £55 collected yearly. The lease terminated in 2104. Taking into account 78 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus legals.