Top reasons for Waltham Abbey lease extension

Top reasons for lease extension now:

A Waltham Abbey leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Waltham Abbey you actually own a long leasehold interest over your property

Waltham Abbey property with a lease extension has roughly the same value as a freehold

Leasehold premises in Waltham Abbey with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not lend with a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once an unexpired lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Waltham Abbey home.

Why use us for your lease extension in Waltham Abbey?

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

Waltham Abbey Lease Extension Case Studies:

Tyler, Waltham Abbey, Essex

In 2014 Tyler, started to get close to the eighty-year threshold with the lease on his basement apartment in Waltham Abbey. Having purchased his home 18 years previously, the unexpired term was of little relevance. Luckily, he noticed he needed to take action soon on Extending the lease. Tyler was able to extend his lease just under the wire in April. Tyler and the landlord in the end settled on sum of £5,000 . If he not met the deadline, the amount would have escalated by a minimum £1,025.

Waltham Abbey case:

Mr Charlie Peterson moved into a purpose-built apartment in Waltham Abbey in February 2001. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparative homes in Waltham Abbey with a long lease were worth £275,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease ended in 2094. Taking into account 68 years remaining we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.