Waltham Forest Lease Extensions

Living in Waltham Forest:

As the name suggests, the London Borough of Waltham Forest was once a heavily wooded area. It once featured a hunting lodge favoured by the Tudor Queen Elizabeth I in the 1500s! Today, it is still home to London’s most extensive wood – the ancient Epping Forest.

The area is also the original home of the Arts and Crafts Movement, fronted by artists such as William Morris. In 2019, Waltham Forest made history as the first-ever London Borough of Culture, reflecting its artistic heritage.

With fantastic transport links and investment flowing into the area, the borough is evolving and becoming a hotspot for young professionals in the city. To stay informed about lease extensions in this location, consult this handy guide.

• Population: The population of Waltham Forest increased by 7.8%, from around 258,200 in 2011 to 278,400 people in 2021 (Office For National Statistics).
• Housing Price: Most property sales in Waltham Forest over the past year were flats, selling for an average price of £408,048 (Rightmove).
• Districts in Waltham Forest: Bakers Arms, Cann Hall, Chingford, Chingford Hatch, Friday Hill, Hale End, Highams Park, Leyton, Leytonstone, Upper Walthamstow, Walthamstow, Whipps Cross.
• Local Authority: The local authority of the London Borough of Waltham Forest is Waltham Forest London Borough Council.

Lease Extension Regulations in Waltham Forest

Leaseholders living in Waltham Forest should be able to extend their lease by an additional 90 years. You may extend your lease formally or informally.

The most prominent freeholder in Waltham Forest is Waltham Forest London Borough Council. They own a large housing stock but give little detail on how they prefer to complete their lease extensions. However, based on our experience, councils often favour the statutory route due to its recorded and controlled procedure.

Leaseholders who have owned their property for at least two years would benefit from a statutory lease extension because it offers significant protection under the Leasehold Reform, Housing and Urban Development Act 1993.

To get the best results, make sure you seek independent legal advice. The Lease Extension Company has an excellent record of statutory lease extensions in and around London, as showcased in our case studies. With our professional surveyors, experienced solicitors and extensive knowledge of your borough, we will replicate this success for you.

The Lease Extension Process

See the brief overview below to learn more about the statutory lease extension procedure.

• Eligibility Check
• Valuation
• Serving the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Registration of your new lease

For further details, please visit our ‘How Long Will My Lease Take?’ article for more information about each step.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted one of our firms of specialist chartered surveyors will undertake the valuation of your property for the purpose of the lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also identify the ‘competent landlord’ whose interest in the property is long enough to grant your 90-year lease extension.

Sometimes, this will be the direct landlord or housing management to whom you pay your service charge or ground rent. However, the competent landlord is often the freeholder of the building.

The Leasehold Reform Housing and Urban Development Act 1993 requires leaseholders to serve a Tenant’s Notice (Section 42 notice) on the ‘competent landlord’. The Section 42 notice commences the lease extension and must include certain essential legal information. This is a technical legal notice, and it must be correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this niche area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. The Section 42 notice will be sent to you for approval before it is forwarded to the solicitors who will serve the notice to the Freeholder on your behalf.

You can learn more about freeholders in Waltham Forest in the following section.

Key Freeholders in Waltham Forest:

Waltham Forest London Borough Council owns around 10,400 homes and has responsibility for over 1,700 leaseholder properties. The council will likely serve as your competent landlord if you own an ex-council property.

There are also over 10,500 homes owned and managed by housing associations, with providers and developers such as L&Q Group, Newlon Living Housing Trust and Imagine Living offering plenty of shared ownership opportunities.

Each association will have a different preference for how to extend a lease. We advise residents to contact their landlord directly to find their preferred method.

Other freeholders you have the option of contacting are The Alan Mattey Group and Chime Properties.

Finding Your Freeholder:

Your original lease document will list the contact details of your freeholder. If you can’t locate your lease, you can request a copy from the HM Land Registry for a small fee. As a client of The Lease Extension Company, we can arrange this for you.

How Much Will Your Lease Extension Cost?

Before tackling your lease extension, it’s helpful to understand all of your potential costs. Lease extension premiums are heavily based on the following three factors:

• The value of your property.
• The amount of ground rent you pay and how much it increases over time.
• The number of years remaining on your lease.

The costs can also depend on your route to obtain your lease extension.

• Informal Lease Extensions: Costs are determined and agreed upon directly with your freeholder.
• Statutory Lease Extensions: You are responsible for the valuation and legal costs of both you and your freeholder, plus the premium for the additional years on your lease.

If you’re curious about your costs, please use our Lease Extension Calculator to help estimate your premium.

All About Our Fixed Fee Service

The lease extension process can be difficult and complex, but we strive to make it as straightforward for our clients as possible.

We will devise a detailed plan covering all stages, legal requirements, and your expected costs. All costs will be combined into one simple fixed fee, so you know where you stand from the start.

You’ll also receive the proficient guidance of an experienced surveyor and solicitor who are experts in this area of property law. Their knowledge will ensure you’re not paying a penny more for your lease extension (premium) than necessary.

Get a Quote For Your Lease Extension in Waltham Forest.

If you own a property in Waltham Forest and would like to initiate a lease extension, The Lease Extension Company would love to hear from you.

You can receive a quote or book a free consultation with our team of experts by filling out our online form, calling us on 0800 098 2770 or emailing [email protected].