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.

The re-sale value of a leasehold property in Walton on the Hill is impacted by how long the lease has left to run. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is preferable to commence the lease extension process when a lease still has 82 years to run so that formalities can be addressed ahead of the 80 year cut off point. Statute enables Walton on the Hill qualifying lessees to an additional term of ninety years on top of the existing term, at a notional rent (zero ground rent). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

Walton on the Hill property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Walton on the Hill with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not loan monies on a short lease

Banks and building societies are really clamping down as regards to homes in Walton on the Hill with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

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

The conveyancers that we work with handle Walton on the Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Walton on the Hill Lease Extension Case Summaries:

Poppy, Walton on the Hill, Surrey,

After unsuccessful negotiations with the freeholder of her basement flat in Walton on the Hill, Poppy commenced the lease extension process as the 80 year threshold was swiftly nearing. The transaction was finalised in November 2005. The landlord’s charges were kept to an absolute minimum.

Walton on the Hill case:

Last April we were phoned by Mr Reuben Mercier , who moved into a studio flat in Walton on the Hill in May 1996. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Walton on the Hill with a long lease were in the region of £250,400. The average ground rent payable was £65 invoiced per annum. The lease terminated in 2090. Taking into account 64 years remaining we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.