It’s an underpublicised certainty that a Waltham residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Waltham property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If the number of years remaining dips below 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 the property Most flat owners in Waltham will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Waltham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Waltham valuers.
Half a year ago Matthew, came seriously near to the 80-year threshold with the lease on his one bedroom apartment in Waltham. Having bought his property two decades ago, the unexpired term was of no interest. As luck would have it, he noticed he would imminently be paying an escalated premium for a lease extension. Matthew arranged for a lease extension at the eleventh hour in March. Matthew and the landlord ultimately agreed on a premium of £5,500 . If the lease had gone to less than eighty years, the price would have become more costly by a minimum £850.
Mr and Mrs. G Hill bought a garden flat in Waltham in November 2000. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Waltham with a long lease were worth £295,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease lapsed on 6 April 2101. Considering the 75 years as a residual term we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.
In 2013 we were e-mailed by Mr and Mrs. F Phillips who, having completed a newly refurbished apartment in Waltham in April 2003. We are asked if we could estimate the price could be for a 90 year lease extension. Identical flats in Waltham with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 invoiced monthly. The lease concluded in 2090. Having 64 years remaining we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of expenses.