Chances are that if you own a flat in Battlesbridge you actually own a long leasehold interest over your property
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you enhanced control over the value of your Battlesbridge leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Milo, came precariously near to the eighty-year mark with the lease on his garden flat in Battlesbridge. Having bought his property two decades ago, the unexpired term was of minimal relevance. Fortunately, he became aware that he needed to take action soon on a lease extension. Milo was able to extend his lease just under the wire last April. Milo and the landlord who owned the flat above subsequently agreed on sum of £5,000 . If he had missed the deadline, the sum would have gone up by at least £975.
Last January we were contacted by Mr and Mrs. C Thomas , who purchased a recently refurbished apartment in Battlesbridge in June 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative homes in Battlesbridge with a long lease were valued about £193,400. The average ground rent payable was £65 invoiced yearly. The lease ran out on 12 January 2084. Considering the 59 years outstanding we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.
In 2013 we were e-mailed by Mrs J King who, having acquired a ground floor apartment in Battlesbridge in February 1999. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparable residencies in Battlesbridge with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed in 2095. Taking into account 70 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.