Why you should start your Battle lease extension

Main reasons to start your Battle lease extension today:

A Battle leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Battle. Inevitably, the period of lease left shortens over time. This is often ignored and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Battle have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give careful attention before putting off your Battle lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wishing to buy your property in the future might well do, so if they can't get a mortgage, then the market price of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Battle lease extensions?

The conveyancing solicitors that we work with undertake 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 lawyer we work with provide it.

Battle Lease Extension Example Cases:

Matthew, Battle, East Sussex

In recent months Matthew, came very close to the eighty-year threshold with the lease on his ground floor flat in Battle. Having purchased his home 19 years ago, the length of the lease was of no importance. by good luck, he noticed he would soon be paying an escalated premium for a lease extension. Matthew extended the lease at the eleventh hour last May. Matthew and the freeholder via the managing agents in the end agreed on sum of £5,000 . If the lease had fallen below 80 years, the premium would have become more costly by a minimum £975.

Battle case:

Mr H Flores moved into a one bedroom flat in Battle in July 2000. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative premises in Battle with an extended lease were in the region of £210,000. The average amount of ground rent was £50 invoiced monthly. The lease came to a finish in 2106. Given that there were 80 years left we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.

Battle case:

In 2012 we were approached by Mr Toby Norbert who, having purchased a one bedroom flat in Battle in January 2002. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Battle with a long lease were worth £275,000. The average ground rent payable was £45 invoiced per annum. The lease concluded in 2095. Taking into account 69 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.