Top reasons for Battlesbridge lease extension

Main reasons to commence your Battlesbridge lease extension today:

A Battlesbridge lease depreciates with the years remaining on the lease.

When it comes to domestic leasehold premises in Battlesbridge, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Anyone in Battlesbridge with a lease approaching 81 years remaining should seriously consider extending it without delay. Once the lease term has under eighty years remaining, under the relevant statute the landlord can calculate and levy a greater amount, based on a technical multiplication, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to properties in Battlesbridge with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting the number of potential purchasers.

What makes us experts in Battlesbridge lease extensions?

Regardless of whether you are a tenant or a landlord in Battlesbridge,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Battlesbridge valuers.

Battlesbridge Lease Extension Example Cases:

Stanley, Battlesbridge, Essex

Last October Stanley, started to get near to the 80-year threshold with the lease on his one bedroom apartment in Battlesbridge. Having purchased his property two decades ago, the length of the lease was of no interest. by good luck, he became aware that he would soon be paying an inflated amount for Extending the lease. Stanley extended the lease at the eleventh hour in September. Stanley and the freeholder eventually settled on the final figure of £5,000 . If he failed to meet the deadline, the amount would have increased by a minimum £975.

Battlesbridge case:

Last month we were e-mailed by Dr S Lambert , who owned a basement apartment in Battlesbridge in January 2007. The dilemma was if we could approximate the price would be for a ninety year lease extension. Comparative homes in Battlesbridge with an extended lease were valued around £246,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease terminated in 2076. Having 50 years left we estimated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of expenses.

Battlesbridge case:

In 2012 we were contacted by Dr Rosie Flores who, having purchased a garden apartment in Battlesbridge in May 2004. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Similar residencies in Battlesbridge with a long lease were valued about £208,200. The average amount of ground rent was £65 collected per annum. The lease expired in 2087. Having 61 years remaining we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus fees.