Stop! Your Lease Extension in Waltham Cross Could Be FREE

Get a Free Case Review
Many leaseholders in Waltham Cross are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Waltham Cross has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Waltham Cross lease extension

Main reasons to start your Waltham Cross lease extension today:

A Waltham Cross lease depreciates with the years remaining on the lease.

The market value of Waltham Cross leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than eighty years

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

Leasehold residencies in Waltham Cross with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not loan monies with a short lease

Mortgage lenders are less likely to issue a loan offer on a domestic property in Waltham Cross with a short lease. Some lenders simply refuse a mortgage on leases with less than 75 years remaining.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Waltham Cross lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Waltham Cross,the lease extension solicitors 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 Waltham Cross valuers.

Waltham Cross Lease Extension Case Studies:

Sarah, Waltham Cross, Hertfordshire,

In the wake of 6 months of protracted negotiations with the freeholder of her garden flat in Waltham Cross, Sarah started the lease extension process as the eighty year mark was fast nearing. The lease extension was finalised in March 2006. The landlord’s costs were restricted to slightly above 650 pounds.

Waltham Cross case:

In 2014 we were e-mailed by Mr P Carter who, having took over the lease of a garden flat in Waltham Cross in October 2008. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparable premises in Waltham Cross with an extended lease were valued around £235,200. The average amount of ground rent was £45 invoiced yearly. The lease expired in 2092. Taking into account 66 years unexpired we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.

Decision in Haringey

An example of a Vesting Order and Purchase of freehold case for a Waltham Cross premises 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 was in relation to 2 flats. The unexpired term as at the valuation date was 80.01 years.