There is no doubt about it a leasehold flat or house in Battlesbridge is a wasting asset as a result of the shortening lease. Where the lease has, in excess of 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Battlesbridge will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Battlesbridge with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Irrespective of whether you are a tenant or a landlord in Battlesbridge,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Battlesbridge valuers.
Off the back of lengthy discussions with the landlord of her garden apartment in Battlesbridge, Courtney started the lease extension process as the eighty year deadline was quickly coming. The transaction completed in January 2005. The freeholder’s costs were negotiated to approximately 500 GBP.
Last month we were phoned by Mr and Mrs. S Cook , who owned a basement flat in Battlesbridge in September 2006. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparative properties in Battlesbridge with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease elapsed in 2106. Considering the 80 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.
Last month we were e-mailed by Ms U Brooks , who bought a studio apartment in Battlesbridge in August 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Similar residencies in Battlesbridge with an extended lease were worth £200,800. The average ground rent payable was £65 invoiced yearly. The lease ended in 2086. Taking into account 60 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 not including professional charges.