When it comes to long leasehold premises in Battle, you are actually buying an entitlement to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than eighty years remaining. Residents in Battle with a lease nearing 81 years unexpired should seriously consider extending it sooner rather than later. When the lease term has fewer than 80 years remaining, under the relevant Act the freeholder can calculate and charge a greater premium, assessed on a technical computation, known as “marriage value” which is due.
It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 professional help from a conveyancer and surveyor with experience in this area.
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 in-depth market knowledge dealing with Battle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of protracted correspondence with the freeholder of her ground floor apartment in Battle, Natalie commenced the lease extension process as the eighty year deadline was rapidly nearing. The legal work completed in June 2010. The landlord’s costs were negotiated to below 500 pounds.
In 2014 we were phoned by Ms Amber Reed who, having completed a purpose-built apartment in Battle in January 2009. The question was if we could approximate the price could be for a ninety year lease extension. Identical properties in Battle with 100 year plus lease were worth £206,200. The mid-range ground rent payable was £55 billed per annum. The lease came to a finish in 2082. Having 56 years left we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus legals.
In 2009 we were phoned by Mr and Mrs. D Lambert who, having completed a basement apartment in Battle in July 2006. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparable homes in Battle with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 billed monthly. The lease ended in 2102. Given that there were 76 years unexpired we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.