Unfortunately that a Waterloo residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Waterloo property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be payable. Most flat owners in Waterloo will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Waterloo can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 a wealth of experience procuring Waterloo lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Tommy, came dangerously close to the 80-year mark with the lease on his first floor apartment in Waterloo. In buying his flat two decades ago, the unexpired term was of no importance. Luckily, he realised he needed to take action soon on Extending the lease. Tommy was able to extend his lease just ahead of time last April. Tommy and the freeholder ultimately settled on the final figure of £5,000 . If he had missed the deadline, the figure would have gone up by a minimum £1,150.
Last February we were called by Ms Katie Pérez , who was assigned a lease of a first floor apartment in Waterloo in October 2005. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable homes in Waterloo with a long lease were in the region of £233,200. The mid-range ground rent payable was £60 billed per annum. The lease concluded in 2087. Taking into account 61 years outstanding we approximated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 plus expenses.
Last Spring we were contacted by Mr and Mrs. Y Nelson , who bought a garden flat in Waterloo in February 2004. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparative residencies in Waterloo with an extended lease were valued about £166,800. The average amount of ground rent was £50 billed yearly. The lease lapsed on 4 March 2076. Given that there were 50 years unexpired we approximated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of fees.