Why you should start your Battle lease extension

Top reasons for lease extension now:

Increase your lease and increase your Battle property value

Battle leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Battle will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Battle with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not loan monies on a short lease

The trend since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Battle?

Regardless of whether you are a tenant or a freeholder in Battle,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 experience and the close ties they enjoy with Battle valuers.

Battle Lease Extension Case Summaries:

Archie, Battle, East Sussex

14 months ago Archie, came very close to the eighty-year threshold with the lease on his purpose- built flat in Battle. In buying his property two decades ago, the unexpired term was of little importance. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Archie was able to extend his lease just ahead of time in May. Archie and the freeholder in the end agreed on the final figure of £6,000 . If the lease had slid lower than 80 years, the sum would have increased by at least £850.

Battle case:

Dr George Lee completed a basement apartment in Battle in May 1999. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical residencies in Battle with an extended lease were in the region of £189,000. The mid-range amount of ground rent was £55 invoiced annually. The lease expired in 2079. Considering the 53 years remaining we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of costs.

Battle case:

Last Autumn we were contacted by Mr John Williams , who purchased a ground floor apartment in Battle in February 2007. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparative residencies in Battle with an extended lease were valued about £290,000. The average amount of ground rent was £45 billed annually. The lease ended in 2099. Having 73 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.