Top reasons for Walton on the Hill lease extension

Top reasons for lease extension now:

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

With a long leasehold property in Walton on the Hill, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than 80 years remaining. Anyone in Walton on the Hill with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When the lease term has less than eighty years remaining, under the current statute the freeholder can calculate and demand a greater premium, assessed on a technical computation, known as “marriage value” which is due.

Walton on the Hill property with a lease extension is almost the same value as a freehold

Leasehold properties in Walton on the Hill with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties as and when you need to sell or refinance your flat as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Walton on the Hill lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Walton on the Hill,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Walton on the Hill valuers.

Walton on the Hill Lease Extension Example Cases:

Chantelle, Walton on the Hill, Surrey,

Off the back of lengthy correspondence with the landlord of her purpose-built flat in Walton on the Hill, Chantelle started the lease extension process just as her lease was coming close to the all-important 80-year threshold. The transaction was concluded in July 2013. The freeholder’s costs were kept to an absolute minimum.

Walton on the Hill case:

Last Summer we were approach by Mr Logan Bonnet , who acquired a one bedroom apartment in Walton on the Hill in January 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Comparable residencies in Walton on the Hill with 100 year plus lease were valued around £275,000. The average amount of ground rent was £45 invoiced every twelve months. The lease elapsed on 8 November 2094. Given that there were 69 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.