Main reasons to commence your Walton On Thames lease extension

Why you should commence your Walton On Thames lease extension today:

Increase your lease and increase your Walton On Thames property value

It’s an underpublicised truth that a Walton On Thames residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Walton On Thames property market.Once your lease gets to 85ish years, you should start considering a lease extension. If lease term drops under eighty 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. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Walton On Thames will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

Walton On Thames property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property on a short lease

Most mortgage lenders will not grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Walton On Thames property becoming difficult to sell or to obtain finance on.

Get in touch with one of our Walton On Thames lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Walton On Thames,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Walton On Thames valuers.

Walton On Thames Lease Extension Example Cases:

Matthew, Walton On Thames, Surrey,

Matthew owned a conversion apartment in Walton On Thames on the market with a lease of just over sixty years remaining. Matthew informally approached his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Matthew to invoke his statutory right. Matthew obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Walton On Thames case:

In 2013 we were phoned by Mr and Mrs. W Richardson who, having purchased a one bedroom apartment in Walton On Thames in May 2004. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative flats in Walton On Thames with 100 year plus lease were worth £227,800. The mid-range ground rent payable was £45 collected per annum. The lease concluded on 9 January 2091. Having 65 years remaining we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.