Top reasons for Battersea lease extension

Main reasons to start your Battersea lease extension today:

Increase your lease and increase your Battersea property value

Battersea leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Battersea enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Battersea you must check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Battersea leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

Battersea property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Battersea with in excess of 100 years unexpired 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not finance a property with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Battersea property.

What makes us experts in Battersea lease extensions?

The conveyancing solicitors that we work with procure Battersea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Battersea Lease Extension Case Studies:

Rachel, Battersea, South West London,

After protracted correspondence with the landlord of her basement flat in Battersea, Rachel commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work was finalised in October 2013. The landlord’s costs were restricted to a tad over five hundred GBP.

Battersea case:

Last September we were contacted by Mr Thomas Laurent , who acquired a recently refurbished flat in Battersea in June 2012. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable premises in Battersea with 100 year plus lease were valued around £264,000. The average amount of ground rent was £60 billed every twelve months. The lease lapsed on 6 November 2079. Given that there were 53 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 plus expenses.