Top reasons for Battersea lease extension

Why you should start your Battersea lease extension today:

Increase your lease and increase your Battersea property value

The closer a residential lease in Battersea gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Battersea will meet the qualifying criteria; that being said a lawyer will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they can't obtain a mortgage, then the value of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Battersea lease extensions?

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

Battersea Lease Extension Example Cases:

Isabella, Battersea, South West London,

In the wake of eight months of protracted correspondence with the landlord of her two bedroom apartment in Battersea, Isabella initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension completed in March 2006. The landlord’s costs were kept to an absolute minimum.

Battersea case:

Mr and Mrs. E Roux moved into a first floor flat in Battersea in October 2006. The question was if we could estimate the price could be for a ninety year lease extension. Comparable premises in Battersea with a long lease were valued around £290,000. The average amount of ground rent was £60 collected yearly. The lease lapsed on 24 July 2106. Given that there were 80 years left we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.