Main reasons to commence your Waterbeach lease extension

Why you should commence your Waterbeach lease extension today:

Increase your lease and increase your Waterbeach property value

For those whose Waterbeach home is held on a long lease, our message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Waterbeach with more than one hundred years outstanding 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 service charges merit it.

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

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wishing to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the value of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Waterbeach lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Waterbeach,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Waterbeach valuers.

Waterbeach Lease Extension Example Cases:

Natalie, Waterbeach, Cambridgeshire,

In the wake of 6 months of lengthy correspondence with the freeholder of her studio flat in Waterbeach, Natalie initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The lease extension was finalised in April 2006. The landlord’s fees were restricted to less than 700 pounds.

Waterbeach case:

Mr T Davis bought a basement apartment in Waterbeach in June 2010. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar homes in Waterbeach with a long lease were in the region of £235,200. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish on 17 January 2092. Taking into account 66 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.

Waterbeach case:

In 2009 we were e-mailed by Dr I Hernández who, having acquired a recently refurbished apartment in Waterbeach in January 1998. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparative residencies in Waterbeach with a long lease were in the region of £280,000. The average amount of ground rent was £55 invoiced yearly. The lease came to a finish in 2103. Taking into account 77 years as a residual term we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.