Top reasons for Battle lease extension

Main reasons to commence your Battle lease extension today:

Increase your lease and increase your Battle property value

When it comes to domestic leasehold property in Battle, you are actually purchasing a right to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than 80 years left. Anyone in Battle with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. Once the lease term has below 80 years remaining, under the relevant statute the landlord can calculate and levy a greater premium, based on a technical calculation, known as “marriage value” which is payable.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be aware that it is probable that someone wanting to buy your property in the future might well do, so if they can't secure a mortgage, then the market price of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

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

The lawyers that we work with handle Battle lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Battle Lease Extension Case Summaries:

Georgina, Battle, East Sussex,

Subsequent to protracted discussions with the freeholder of her two bedroom flat in Battle, Georgina commenced the lease extension process just as the lease was coming close to the crucial 80-year threshold. The lease extension completed in July 2013. The freeholder’s fees were negotiated to a tad over 700 GBP.

Battle case:

Mr and Mrs. G Bernard bought a ground floor apartment in Battle in October 2007. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Identical premises in Battle with 100 year plus lease were worth £233,200. The average ground rent payable was £60 invoiced yearly. The lease finished on 24 October 2087. Considering the 61 years outstanding we approximated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 not including costs.

Battle case:

Last Winter we were phoned by Mr Isaac Carter , who purchased a purpose-built flat in Battle in March 2000. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Battle with an extended lease were valued about £171,800. The average ground rent payable was £55 invoiced quarterly. The lease expired on 13 August 2076. Considering the 50 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 not including expenses.