Main reasons to commence your Waltham Cross lease extension

Main reasons to start your Waltham Cross lease extension today:

A Waltham Cross leasehold property 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 expense of extending the lease can escalate significantly once the remaining term is below than 80 years

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

Leasehold premises in Waltham Cross with in excess of 100 years outstanding 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 upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not finance a property with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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

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 lawyer we work with provide it.

Waltham Cross Lease Extension Example Cases:

Emma, Waltham Cross, Hertfordshire,

Following unsuccessful correspondence with the freeholder of her garden flat in Waltham Cross, Emma initiated the lease extension process as the 80 year deadline was fast coming. The transaction was concluded in September 2006. The freeholder’s fees were restricted to approximately five hundred pounds.

Waltham Cross case:

In 2012 we were contacted by Ms I Mitchell who, having moved into a recently refurbished apartment in Waltham Cross in June 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical premises in Waltham Cross with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced per annum. The lease ran out on 27 August 2105. Considering the 79 years outstanding we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.