On the balance of probabilities where you own a flat in Battlesbridge you actually own a long leasehold interest over your property
It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Battlesbridge,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Battlesbridge valuers.
Subsequent to protracted discussions with the landlord of her basement apartment in Battlesbridge, Natalie started the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was finalised in June 2006. The landlord’s fees were restricted to less than 650 pounds.
Ms Y Hill bought a one bedroom apartment in Battlesbridge in July 2010. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable premises in Battlesbridge with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 billed every twelve months. The lease ended on 22 June 2094. Having 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.
Last month we were called by Mr and Mrs. B Jones , who bought a studio flat in Battlesbridge in July 2002. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparable homes in Battlesbridge with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 collected quarterly. The lease expired on 22 July 2105. Considering the 80 years left we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.