Battlesbridge Lease Extension - Free Consultation

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Before you progress with your lease extension in Battlesbridge
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Battlesbridge lease extension

Why you should start your Battlesbridge lease extension today:

Increase your lease and increase your Battlesbridge property value

Chances are that where you own a flat in Battlesbridge you actually own a long leasehold interest over your property

Battlesbridge property with a lease extension has roughly the same value as a freehold

Leasehold premises in Battlesbridge with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not loan monies with a short lease

The propensity since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

Get in touch with one of our Battlesbridge lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Battlesbridge leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Battlesbridge Lease Extension Example Cases:

Rory, Battlesbridge, Essex

Last year Rory, came seriously near to the eighty-year mark with the lease on his studio flat in Battlesbridge. Having purchased his property two decades ago, the length of the lease was of minimal significance. by good luck, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Rory extended the lease at the eleventh hour in March. Rory and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the sum would have escalated by at least £900.

Battlesbridge case:

Mr S Vincent completed a one bedroom apartment in Battlesbridge in August 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Battlesbridge with 100 year plus lease were in the region of £245,000. The average ground rent payable was £45 invoiced per annum. The lease ran out in 2092. Taking into account 68 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.

Battlesbridge case:

Dr Kai Dupont owned a ground floor flat in Battlesbridge in September 1998. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparable premises in Battlesbridge with a long lease were worth £285,000. The average ground rent payable was £55 billed monthly. The lease ran out on 9 November 2103. Taking into account 79 years left we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.