Why you should commence your Walsingham lease extension

Main reasons to start your Walsingham lease extension today:

Increase your lease and increase your Walsingham property value

For anyone whose Walsingham flat is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 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 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

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

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Walsingham property being difficult to sell or remortgage.

What makes us experts in Walsingham lease extensions?

Regardless of whether you are a tenant or a freeholder in Walsingham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Walsingham valuers.

Walsingham Lease Extension Example Cases:

Sophie, Walsingham, Norfolk,

Following protracted correspondence with the landlord of her purpose-built flat in Walsingham, Sophie started the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was finalised in June 2014. The freeholder’s charges were kept to an absolute minimum.

Walsingham case:

Mrs L Sharif owned a one bedroom apartment in Walsingham in August 2008. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Identical premises in Walsingham with a long lease were valued about £223,400. The average amount of ground rent was £60 billed monthly. The lease ran out on 12 June 2085. Given that there were 59 years unexpired we calculated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 plus legals.

Walsingham case:

Mr W Khan was assigned a lease of a ground floor flat in Walsingham in August 1997. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Comparable premises in Walsingham with 100 year plus lease were valued around £205,000. The average ground rent payable was £50 invoiced every twelve months. The lease expired on 9 November 2105. Considering the 79 years unexpired we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.