Main reasons to commence your 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

Walton on the Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Walton on the Hill tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Walton on the Hill you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Walton on the Hill leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic once you come to sell or refinance your property as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your purchaser will need to hold off for two years before being able to exercise the right to a a lease extension.

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

Lease extensions in Walton on the Hill can be a difficult process. We recommend you obtain guidance 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 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 Example Cases:

Archie, Walton on the Hill, Surrey

Two years ago Archie, came seriously close to the 80-year threshold with the lease on his two bedroom flat in Walton on the Hill. Having bought his property two decades ago, the unexpired term was of no concern. As luck would have it, he realised he needed to take action soon on Extending the lease. Archie arranged for a lease extension just ahead of time in May. Archie and the landlord who owned the flat above in the end agreed on sum of £6,000 . If he failed to meet the deadline, the figure would have gone up by a minimum £1,050.

Walton on the Hill case:

Last year we were approach by Mr Lewis Lefebvre , who purchased a one bedroom flat in Walton on the Hill in August 2012. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Identical homes in Walton on the Hill with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 collected quarterly. The lease ran out on 1 May 2078. Having 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.