Why you should start your Walton lease extension

Why you should start your Walton lease extension today:

Increase your lease and increase your Walton property value

Walton leases on residential properties are gradually decreasing in 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. Legislation has been in place for sometime now which entitles qualifying Walton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Walton you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Walton with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Walton property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Walton?

The lawyers that we work with undertake Walton 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 Lease Extension Case Summaries:

Emma, Walton, Leeds,

Trailing protracted negotiations with the freeholder of her two bedroom flat in Walton, Emma started the lease extension process as the eighty year deadline was quickly nearing. The legal work was concluded in October 2009. The freeholder’s costs were kept to an absolute minimum.

Walton case:

Last Summer we were approach by Mr and Mrs. V Bennett , who moved into a basement flat in Walton in March 2002. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Identical premises in Walton with a long lease were worth £198,400. The mid-range ground rent payable was £65 collected monthly. The lease lapsed on 16 February 2085. Taking into account 59 years left we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including professional charges.