Top reasons for Walton on the Hill lease extension

Main reasons to start your Walton on the Hill lease extension today:

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

Walton on the Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Walton on the Hill enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Walton on the Hill you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

Leasehold premises in Walton on the Hill with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term falls under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Walton on the Hill home.

Why use us for your lease extension in Walton on the Hill?

Lease extensions in Walton on the Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 the Hill 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 the Hill Lease Extension Case Studies:

Lauren, Walton on the Hill, Surrey,

After unsuccessful negotiations with the landlord of her basement flat in Walton on the Hill, Lauren initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The lease extension completed in July 2010. The landlord’s costs were negotiated to less than four hundred GBP.

Walton on the Hill case:

Last Christmas we were approach by Dr Nathaniel Sharif , who completed a one bedroom flat in Walton on the Hill in February 2000. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable premises in Walton on the Hill with an extended lease were in the region of £300,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish on 3 February 2102. Having 76 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.