Battle leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Battle will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold premises in Battle with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Battle can be a difficult process. We recommend you procure professional help 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 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.
Last year Jacob, came critically close to the eighty-year threshold with the lease on his ground floor apartment in Battle. Having purchased his property 18 years previously, the unexpired term was of minimal interest. Luckily, he noticed he would imminently be paying an escalated premium for Extending the lease. Jacob extended the lease just ahead of time last August. Jacob and the freeholder eventually settled on the final figure of £6,000 . If he had missed the deadline, the figure would have increased by a minimum £925.
Ms S Díaz was assigned a lease of a one bedroom flat in Battle in September 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Battle with an extended lease were in the region of £295,000. The average ground rent payable was £45 collected every twelve months. The lease expiry date was on 8 August 2099. Considering the 74 years left we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.
Last Spring we were phoned by Mr Dylan Phillips , who owned a recently refurbished apartment in Battle in June 2001. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical homes in Battle with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 invoiced annually. The lease ended on 25 March 2088. Given that there were 63 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of expenses.