Waltham Cross leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Waltham Cross will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is generally considered that a property 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 many years ahead.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Retaining our service gives you better control over the value of your Waltham Cross leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted negotiations with the freeholder of her two bedroom apartment in Waltham Cross, Kayleigh commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The lease extension was concluded in April 2011. The landlord’s charges were kept to an absolute minimum.
In 2011 we were e-mailed by Dr E Lefebvre who, having acquired a recently refurbished apartment in Waltham Cross in April 2003. The question was if we could approximate the price would be to prolong the lease by 90 years. Identical homes in Waltham Cross with 100 year plus lease were worth £242,600. The average ground rent payable was £45 billed monthly. The lease concluded in 2093. Considering the 67 years unexpired we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.
An example of a Vesting Order and Purchase of freehold matter before the tribunal 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 affected 2 flats. The unexpired residue of the current lease was 80.01 years.