Top reasons for Battle lease extension

Main reasons to commence your Battle lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Battle. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Battle have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give careful attention before delaying your Battle lease extension. Holding off that expense now only increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not finance a property on a short lease

Most mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't secure a mortgage, then the market price of your property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Battle lease extensions?

Retaining our service will provide you increased control over the value of your Battle leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Battle Lease Extension Case Summaries:

Aimee, Battle, East Sussex,

Subsequent to lengthy discussions with the freeholder of her first floor flat in Battle, Aimee started the lease extension process as the 80 year threshold was swiftly approaching. The lease extension was concluded in May 2010. The landlord’s costs were kept to an absolute minimum.

Battle case:

Last month we were phoned by Dr T Lefèvre , who acquired a purpose-built flat in Battle in February 2004. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Battle with an extended lease were in the region of £208,600. The average amount of ground rent was £60 billed monthly. The lease ended in 2083. Given that there were 57 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including expenses.

Battle case:

In 2011 we were called by Ms Leah Norbert who, having purchased a basement flat in Battle in September 2012. The question was if we could approximate the price would be for a 90 year extension to my lease. Identical premises in Battle with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 collected annually. The lease elapsed on 13 September 2103. Taking into account 77 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.