Why you should commence your Battersea lease extension

Main reasons to start your Battersea lease extension today:

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

Battersea leases on residential deteriorating in value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Battersea will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

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

Leasehold residencies in Battersea with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not finance a property with a short lease

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 in-depth market knowledge and the close ties they enjoy with Battersea valuers.

Battersea Lease Extension Case Studies:

Theo, Battersea, South West London,

Theo owned a studio apartment in Battersea being sold with a lease of fraction over 61 years remaining. Theo on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Theo to invoke his statutory right. Theo procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Battersea case:

In 2010 we were approached by Mrs Bethan Hall who, having bought a studio apartment in Battersea in February 1996. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparable flats in Battersea with a long lease were in the region of £250,000. The average ground rent payable was £50 billed quarterly. The lease ran out in 2094. Having 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.