Waltham Cross leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Waltham Cross will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.
It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a freeholder in Waltham Cross,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Waltham Cross valuers.
Last October Jamie, started to get near to the eighty-year threshold with the lease on his one bedroom flat in Waltham Cross. Having purchased his home 19 years previously, the length of the lease was of no interest. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Jamie arranged for a lease extension just under the wire last April. Jamie and the freeholder via the managing agents subsequently agreed on sum of £5,000 . If he not met the deadline, the amount would have become more exhorbitant by at least £1,150.
Last Summer we were e-mailed by Dr F Simon , who moved into a one bedroom flat in Waltham Cross in June 2009. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical premises in Waltham Cross with 100 year plus lease were worth £166,400. The mid-range ground rent payable was £60 billed yearly. The lease lapsed on 16 March 2080. Having 54 years remaining we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of legals.
An example of a Vesting Order and Purchase of freehold decision for a Waltham Cross flat is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case related to 2 flats. The number of years remaining on the existing lease(s) was 80.01 years.