Why you should start your Walthamstow lease extension

Main reasons to commence your Walthamstow lease extension today:

Increase your lease and increase your Walthamstow property value

Walthamstow leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Walthamstow enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Walthamstow you really ought to check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This will cause difficulties as and when you wish to sell or remortgage your property as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your purchaser will need to hold off for a couple of years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Walthamstow?

Lease extensions in Walthamstow can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer 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 dealing with 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:

Ella, Walthamstow, North East London,

After unsuccessful correspondence with the freeholder of her garden apartment in Walthamstow, Ella started the lease extension process as the eighty year threshold was rapidly nearing. The legal work was concluded in January 2012. The freeholder’s costs were kept to an absolute minimum.

Walthamstow case:

Mr and Mrs. A Bailey owned a purpose-built flat in Walthamstow in January 2000. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Similar properties in Walthamstow with a long lease were worth £264,000. The average amount of ground rent was £60 billed every twelve months. The lease terminated in 2079. Considering the 53 years remaining we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including legals.