Battle leases on residential properties are gradually losing value. if your lease has approximately 90 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 dips below this level then you start paying an additional element called marriage value. Flat owners in Battle will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Battle can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Battle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a studio flat in Battle on the market with a lease of fraction over sixty years left. Blake on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Blake to invoke his statutory right. Blake obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the property.
Ms Natasha Bertrand completed a ground floor apartment in Battle in March 2010. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Battle with an extended lease were valued around £205,000. The average ground rent payable was £50 invoiced yearly. The lease concluded in 2105. Taking into account 79 years remaining we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.
In 2013 we were called by Ms R Petit who, having purchased a purpose-built flat in Battle in August 1995. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Identical residencies in Battle with an extended lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced annually. The lease lapsed in 2094. Taking into account 68 years left we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including expenses.