Top reasons for Battlesbridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Battlesbridge property value

Battlesbridge leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Battlesbridge enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Battlesbridge you would be well advised to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

Battlesbridge property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Given that a number of flats in Battlesbridge were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Battlesbridge lease extensions?

Engaging our service gives you better control over the value of your Battlesbridge leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Battlesbridge Lease Extension Case Summaries:

Seth, Battlesbridge, Essex

Last October Seth, came precariously close to the eighty-year threshold with the lease on his two bedroom flat in Battlesbridge. In buying his flat two decades ago, the unexpired term was of minimal bearing. Luckily, he became aware that he needed to take steps soon on Extending the lease. Seth was able to extend his lease just in the nick of time last January. Seth and the landlord ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the price would have become more costly by a minimum £1,100.

Battlesbridge case:

Last Winter we were e-mailed by Mr and Mrs. C Stewart , who took over the lease of a one bedroom flat in Battlesbridge in July 2011. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical residencies in Battlesbridge with 100 year plus lease were valued about £235,200. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2092. Taking into account 66 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.

Battlesbridge case:

Last Winter we were e-mailed by Mr and Mrs. U Morel , who purchased a one bedroom flat in Battlesbridge in April 2007. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Comparable properties in Battlesbridge with a long lease were worth £280,000. The average ground rent payable was £55 invoiced per annum. The lease ran out in 2103. Given that there were 77 years unexpired we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.