The nearer a domestic lease in Battlesbridge gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Most flat owners in Battlesbridge will meet the qualifying criteria; however a conveyancer should be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Santander | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Battlesbridge,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Battlesbridge valuers.
In recent months Alexander, started to get near to the 80-year mark with the lease on his purpose- built apartment in Battlesbridge. Having purchased his property 18 years ago, the lease term was of little relevance. by good luck, he noticed he would imminently be paying an escalated premium for a lease extension. Alexander was able to extend his lease just in the nick of time in July. Alexander and the landlord subsequently settled on a premium of £5,000 . If he not met the deadline, the sum would have gone up by a minimum £1,100.
Ms I Bailey acquired a studio apartment in Battlesbridge in August 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Battlesbridge with a long lease were valued around £191,000. The average amount of ground rent was £65 collected annually. The lease expired in 2084. Considering the 58 years outstanding we calculated the premium to the landlord for the lease extension to be between £23,800 and £27,400 plus expenses.
In 2014 we were called by Ms U Ramírez who, having completed a ground floor flat in Battlesbridge in September 1996. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Battlesbridge with an extended lease were valued around £250,000. The average amount of ground rent was £50 invoiced quarterly. The lease terminated in 2095. Taking into account 69 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.