Unfortunately that a Battlesbridge residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Battlesbridge property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If the number of years remaining falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Battlesbridge will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the formalities.
Leasehold premises in Battlesbridge with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| 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 Battlesbridge can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Battlesbridge 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 Seth, started to get close to the eighty-year mark with the lease on his two bedroom flat in Battlesbridge. Having bought his property 19 years ago, the unexpired term was of minimal bearing. Fortunately, he noticed he needed to take steps soon on a lease extension. Seth extended the lease at the eleventh hour last March. Seth and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If the lease had descended lower than eighty years, the figure would have become more costly by a minimum £975.
Last Winter we were called by Mr and Mrs. H Clark , who took over the lease of a studio apartment in Battlesbridge in March 1999. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable homes in Battlesbridge with a long lease were valued about £254,200. The average ground rent payable was £60 billed per annum. The lease ran out on 20 August 2077. Taking into account 51 years left we approximated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 not including expenses.
Mr and Mrs. Y Carter acquired a recently refurbished flat in Battlesbridge in March 2010. We are asked if we could approximate the premium would be to extend the lease by an additional years. Identical flats in Battlesbridge with a long lease were valued about £215,600. The average amount of ground rent was £45 invoiced annually. The lease concluded in 2088. Taking into account 62 years unexpired we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus fees.