Why you should commence your Batley lease extension

Main reasons to start your Batley lease extension today:

A Batley lease depreciates with the years remaining on the lease.

The nearer a residential lease in Batley nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than 125 years to run then this decrease may be fractional however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Batley will qualify for this right; that being said a conveyancer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

Lenders are really clamping down as regards to homes in Batley with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the number of prospective purchasers.

Get in touch with one of our Batley lease extension solicitors or enfranchisement solicitors

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

Batley Lease Extension Example Cases:

Alfie, Batley, West Yorkshire,

Alfie owned a studio flat in Batley on the market with a lease of a little over 59 years unexpired. Alfie informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alfie to exercise his statutory right. Alfie procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.

Batley case:

Mr and Mrs. A Murphy moved into a one bedroom apartment in Batley in February 1998. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Identical residencies in Batley with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 invoiced yearly. The lease elapsed on 1 August 2103. Given that there were 77 years outstanding we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.

Batley case:

In 2009 we were e-mailed by Mr and Mrs. H Cooper who, having took over the lease of a ground floor apartment in Batley in February 1997. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Identical flats in Batley with a long lease were worth £183,600. The mid-range ground rent payable was £65 collected every twelve months. The lease expired on 11 February 2083. Considering the 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.