With a long leasehold property in Waltham, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years left. Anyone in Waltham with a lease nearing 81 years remaining should seriously consider extending it without delay. Once the lease term has below eighty years remaining, under the current Act the freeholder can calculate and charge a greater amount, based on a technical calculation, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Waltham can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Waltham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron owned a 2 bedroom flat in Waltham being marketed with a lease of just over sixty years left. Cameron informally approached his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be due on a lease extension were Cameron to exercise his statutory right. Cameron obtained expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
In 2013 we were called by Mr and Mrs. Y Leroy who, having took over the lease of a one bedroom apartment in Waltham in March 2000. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable premises in Waltham with 100 year plus lease were valued around £205,000. The average ground rent payable was £50 billed annually. The lease came to a finish on 14 August 2105. Taking into account 79 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.
Last Summer we were contacted by Dr T Thomas , who purchased a first floor apartment in Waltham in February 2008. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical properties in Waltham with an extended lease were in the region of £275,000. The average ground rent payable was £65 invoiced monthly. The lease came to a finish on 23 March 2094. Considering the 68 years left we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.