Why you should start your Waltham Cross lease extension

Why you should commence your Waltham Cross lease extension today:

Increase your lease and increase your Waltham Cross property value

The 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 extending the lease can escalate substantially once the unexpired lease term is below than eighty years

Waltham Cross property with a lease extension is almost the same value as a freehold

Leasehold properties in Waltham Cross with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic when you come to market or remortgage your property as it will be practically unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser must wait a couple of years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Waltham Cross?

The lawyers that we work with procure Waltham Cross lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Waltham Cross Lease Extension Example Cases:

Freya, Waltham Cross, Hertfordshire,

After lengthy discussions with the landlord of her studio flat in Waltham Cross, Freya initiated the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension was concluded in August 2015. The freeholder’s charges were kept to an absolute minimum.

Waltham Cross case:

In 2010 we were approached by Dr S James who, having acquired a ground floor apartment in Waltham Cross in October 2001. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable premises in Waltham Cross with an extended lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expired in 2103. Considering the 78 years remaining we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.