Top reasons for Walton on the Hill lease extension

Why you should commence your Walton on the Hill lease extension today:

Increase your lease and increase your Walton on the Hill property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Walton on the Hill. Inevitably, the period of lease left reduces over time. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying long lease owners in Walton on the Hill have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. You should give due deliberation before delaying your Walton on the Hill lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is probable that someone intending to purchase your property in the future might well do, so if they can't secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Walton on the Hill lease extensions?

Retaining our service gives you increased control over the value of your Walton on the Hill leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Walton on the Hill Lease Extension Example Cases:

Kian, Walton on the Hill, Surrey,

Kian owned a studio apartment in Walton on the Hill being sold with a lease of a little over 72 years remaining. Kian informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Kian to exercise his statutory right. Kian obtained expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Walton on the Hill case:

In 2010 we were called by Mr L Brown who, having acquired a garden flat in Walton on the Hill in November 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable premises in Walton on the Hill with an extended lease were worth £218,400. The average ground rent payable was £60 collected annually. The lease lapsed on 6 January 2085. Considering the 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 not including professional charges.