As the the remaining lease term of a Battle domestic lease decreases so does its value and therefore the value of your property. If the lease has, over 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Battle will qualify for this right; however a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
The lawyers that we work with procure 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 conveyancing solicitor we work with provide it.
Twenty four months ago Archie, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Battle. In buying his property two decades ago, the lease term was of no bearing. Fortunately, he realised he would imminently be paying way over the odds for a lease extension. Archie was able to extend his lease at the eleventh hour last September. Archie and the freeholder subsequently settled on sum of £5,500 . If he not met the deadline, the price would have escalated by at least £1,125.
Last Winter we were approach by Ms T Evans , who completed a studio apartment in Battle in October 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical residencies in Battle with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed on 6 September 2102. Considering the 76 years unexpired we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.
Last month we were contacted by Mr Samuel Bailey , who acquired a garden flat in Battle in May 1996. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Identical homes in Battle with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 collected monthly. The lease ran out on 4 March 2091. Having 65 years outstanding we approximated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of fees.