The only way is down when it comes to Walton lease terms. Walton leaseholds that have a residual term shorter than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold properties in Walton with over 100 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Using our service gives you enhanced control over the value of your Walton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of lengthy negotiations with the landlord of her one bedroom flat in Walton, Aimee initiated the lease extension process as the eighty year threshold was fast nearing. The legal work was finalised in September 2010. The freeholder’s fees were restricted to a tad over 650 GBP.
In 2010 we were e-mailed by Dr Sarah Morris who, having purchased a first floor flat in Walton in April 2009. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar residencies in Walton with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 invoiced yearly. The lease concluded on 18 March 2088. Having 63 years remaining we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of fees.
An example of a Lease Extension decision for a Walton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The remaining number of years on the lease was 82.93 years.