Stop! Your Lease Extension in Walton On Thames Could Be FREE

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Many leaseholders in Walton On Thames are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Walton On Thames has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Walton On Thames lease extension

Top reasons for lease extension now:

A Walton On Thames leasehold property depreciates with the years remaining on the lease.

The value of Walton On Thames leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies are really restricting their approach as regards to homes in Walton On Thames with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Lease extensions in Walton On Thames can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 Walton On Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walton On Thames Lease Extension Example Cases:

Rosie, Walton On Thames, Surrey,

After lengthy discussions with the freeholder of her leasehold flat in Walton On Thames, Rosie commenced the lease extension process as the eighty year mark was rapidly advancing. The legal work was concluded in May 2005. The freeholder’s fees were kept to an absolute minimum.

Walton On Thames case:

In 2014 we were e-mailed by Ms N Clark who, having was assigned a lease of a studio flat in Walton On Thames in April 1999. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Walton On Thames with 100 year plus lease were valued around £260,000. The average ground rent payable was £50 invoiced monthly. The lease expired on 11 March 2098. Given that there were 72 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal for a Walton On Thames premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The unexpired residue of the current lease was 82.93 years.