Why you should start your Walthamstow lease extension

Top reasons for lease extension now:

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

Walthamstow leases on residential deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% 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 extra value that a lease extension will add to the property. Flat owners in Walthamstow will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not qualify. There are also strict timetables and procedures to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not lend on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left at the end of the mortgage. Considering a number of flats in Walthamstow were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

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

Lease extensions in Walthamstow can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Walthamstow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walthamstow Lease Extension Case Studies:

Aaron, Walthamstow, North East London,

Aaron was the the leasehold owner of a studio apartment in Walthamstow on the market with a lease of a few days over fifty eight years left. Aaron on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Aaron to exercise his statutory right. Aaron obtained expert advice and was able to make a more informed decision and deal with the matter and sell the flat.

Walthamstow case:

Last year we were e-mailed by Mr Sam Alexander , who owned a one bedroom apartment in Walthamstow in November 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Identical residencies in Walthamstow with an extended lease were worth £183,600. The average ground rent payable was £65 billed quarterly. The lease elapsed in 2083. Considering the 57 years remaining we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including expenses.