When it comes to residential leasehold premises in Battlesbridge, you are actually purchasing a right to live in a property for a set period of time. 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 may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably when there are fewer than 80 years remaining. Anyone in Battlesbridge with a lease nearing 81 years unexpired should seriously think of extending it without delay. Once a lease has below eighty years remaining, under the current statute the freeholder is entitled to calculate and levy a larger premium, based on a technical multiplication, known as “marriage value” which is payable.
Leasehold residencies in Battlesbridge with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society |
Retaining our service will provide you increased control over the value of your Battlesbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Luca, started to get near to the eighty-year mark with the lease on his basement flat in Battlesbridge. In buying his flat two decades ago, the unexpired term was of little importance. Thankfully, he noticed he would imminently be paying an inflated amount for Extending the lease. Luca arranged for a lease extension just under the wire last March. Luca and the landlord who owned the flat above eventually agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have increased by at least £925.
Mrs T Moreau took over the lease of a one bedroom apartment in Battlesbridge in January 2001. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Similar homes in Battlesbridge with 100 year plus lease were valued about £215,600. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease terminated on 10 October 2088. Taking into account 62 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of fees.
In 2012 we were e-mailed by Ms Poppy Jones who, having completed a garden flat in Battlesbridge in June 2002. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparable flats in Battlesbridge with 100 year plus lease were worth £265,000. The average ground rent payable was £50 billed every twelve months. The lease lapsed in 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.