Why you should start your Battersea lease extension

Top reasons for lease extension now:

A Battersea leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold premises in Battersea, you are actually buying a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years left. Anyone in Battersea with a lease nearing 81 years left should seriously consider extending it without delay. When a lease has under eighty years outstanding, under the current statute the landlord is entitled to calculate and charge a larger premium, assessed on a technical multiplication, known as “marriage value” which is due.

Battersea property with a lease extension is almost the same value as a freehold

Leasehold properties in Battersea with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property with a short lease

What makes us experts in Battersea lease extensions?

Retaining our service will provide you increased control over the value of your Battersea leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Battersea Lease Extension Case Studies:

Thomas, Battersea, South West London,

Thomas was the the leasehold proprietor of a 2 bedroom flat in Battersea on the market with a lease of fraction over 59 years unexpired. Thomas on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert advice and secured satisfactory deal informally and readily saleable.

Battersea case:

Last Summer we were e-mailed by Mr and Mrs. P Hall , who bought a first floor flat in Battersea in August 1999. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Battersea with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 collected quarterly. The lease came to a finish in 2102. Given that there were 76 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.