Why you should start your Waltham Cross lease extension

Main reasons to start your Waltham Cross lease extension today:

Increase your lease and increase your Waltham Cross property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Waltham Cross. Clearly, the period of lease left reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Waltham Cross have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due consideration before putting off your Waltham Cross lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Mortgage companies are really clamping down as regards to properties in Waltham Cross with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Waltham Cross?

Lease extensions in Waltham Cross can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 in-depth market knowledge dealing with Waltham Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Waltham Cross Lease Extension Case Summaries:

Ollie, Waltham Cross, Hertfordshire

During the course of the last few months Ollie, started to get near to the 80-year mark with the lease on his leasehold flat in Waltham Cross. Having bought his flat 19 years ago, the lease term was of no bearing. by good luck, he noticed he needed to take action soon on Extending the lease. Ollie extended the lease just ahead of time in March. Ollie and the freeholder via the management company eventually agreed on a premium of £6,000 . If he not met the deadline, the figure would have gone up by a minimum £975.

Waltham Cross case:

Last month we were e-mailed by Dr James Gray , who completed a first floor flat in Waltham Cross in March 2007. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparative homes in Waltham Cross with a long lease were valued around £200,800. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded on 4 January 2086. Having 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 not including professional charges.