Why you should commence your Waltham lease extension

Main reasons to start your Waltham lease extension today:

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

Chances are that where you own a flat in Waltham you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties once you wish to market or remortgage your flat as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer must wait two years before being able to start the legal procedures for a lease extension.

What makes us experts in Waltham lease extensions?

Using our service gives you enhanced control over the value of your Waltham leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Waltham Lease Extension Example Cases:

George, Waltham, Lincolnshire

During the course of the last few months George, came precariously near to the 80-year mark with the lease on his purpose- built apartment in Waltham. In buying his flat twenty years previously, the lease term was of little interest. by good luck, he noticed he would imminently be paying way over the odds for Extending the lease. George was able to extend his lease just in the nick of time in January. George and the freeholder eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the premium would have increased by a minimum £900.

Waltham case:

In 2010 we were e-mailed by Mr and Mrs. F David who, having purchased a garden apartment in Waltham in January 2007. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar residencies in Waltham with an extended lease were in the region of £206,200. The average ground rent payable was £55 invoiced quarterly. The lease concluded on 4 August 2082. Considering the 56 years remaining we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus fees.

Waltham case:

Last June we were phoned by Mr and Mrs. C Baker , who moved into a recently refurbished flat in Waltham in November 2001. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparable homes in Waltham with a long lease were valued around £300,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed in 2102. Considering the 76 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.