Main reasons to commence your Batley lease extension

Main reasons to start your Batley lease extension today:

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

On the balance of probabilities if you own a flat in Batley you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to lend on a short lease

Lenders are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years left at the end of the mortgage. As a number of flats in Batley were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

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

Irrespective of whether you are a tenant or a landlord in Batley,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 Batley valuers.

Batley Lease Extension Example Cases:

James, Batley, West Yorkshire,

James was the the leasehold owner of a conversion apartment in Batley being marketed with a lease of just over 72 years outstanding. James on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were James to exercise his statutory right. James obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Batley case:

In 2010 we were approached by Mr L Adams who, having completed a garden apartment in Batley in March 2000. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative properties in Batley with an extended lease were in the region of £191,000. The average ground rent payable was £65 collected monthly. The lease ended in 2084. Having 58 years remaining we calculated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.

Batley case:

Last Autumn we were called by Mr Ibrahim Gómez , who moved into a newly refurbished apartment in Batley in November 1995. The question was if we could estimate the premium would be for a ninety year lease extension. Comparable flats in Batley with 100 year plus lease were worth £250,000. The average amount of ground rent was £50 invoiced monthly. The lease ended in 2095. Considering the 69 years left we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.