Main reasons to commence your Walkington lease extension

Main reasons to start your Walkington lease extension today:

Increase your lease and increase your Walkington property value

The only way is down when it comes to Walkington lease terms. Walkington leaseholds that have a lease term lower than eighty years will reduce in market price even faster, and the cost to extend your lease will go up.

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

Leasehold properties in Walkington with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

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

The propensity since 2008 has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Walkington?

Regardless of whether you are a tenant or a landlord in Walkington,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Walkington valuers.

Walkington Lease Extension Example Cases:

Alex, Walkington, East Yorkshire

Half a year ago Alex, started to get near to the 80-year mark with the lease on his one bedroom apartment in Walkington. Having bought his home 19 years previously, the length of the lease was of no importance. Thankfully, he realised he needed to take action soon on a lease extension. Alex extended the lease just ahead of time last June. Alex and the freeholder eventually agreed on an amount of £5,500 . If he failed to meet the deadline, the amount would have become more exhorbitant by at least £1,000.

Walkington case:

In 2014 we were approached by Dr Thomas Edwards who, having was assigned a lease of a ground floor flat in Walkington in September 1997. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable residencies in Walkington with an extended lease were in the region of £191,400. The average amount of ground rent was £55 invoiced monthly. The lease expired in 2080. Given that there were 54 years remaining we approximated the premium to the landlord to extend the lease to be between £34,200 and £39,600 exclusive of professional charges.

Walkington case:

In 2013 we were contacted by Dr Alexander Richardson who, having moved into a first floor apartment in Walkington in January 1997. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative properties in Walkington with 100 year plus lease were in the region of £295,000. The average ground rent payable was £45 invoiced annually. The lease expiry date was in 2100. Given that there were 74 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.