Main reasons to start your Bollington lease extension

Main reasons to commence your Bollington lease extension today:

A Bollington lease depreciates with the years remaining on the lease.

Bollington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Bollington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Bollington you really ought to see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Bollington property with a lease extension has roughly the same value as a freehold

Leasehold properties in Bollington with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to loan monies on a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Bollington?

Lease extensions in Bollington can be a difficult process. We recommend you procure professional help from a lawyer 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 a wealth of experience procuring Bollington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bollington Lease Extension Example Cases:

Francesca, Bollington, Cheshire,

After lengthy discussions with the landlord of her ground floor apartment in Bollington, Francesca commenced the lease extension process as the eighty year mark was quickly approaching. The lease extension was finalised in May 2010. The freeholder’s charges were kept to an absolute minimum.

Bollington case:

Last Winter we were contacted by Mr and Mrs. W David , who purchased a recently refurbished flat in Bollington in April 2006. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Bollington with a long lease were valued about £210,000. The mid-range ground rent payable was £50 collected every twelve months. The lease came to a finish in 2106. Given that there were 80 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.

Bollington case:

Mrs F Nelson completed a purpose-built apartment in Bollington in January 2003. We are asked if we could estimate the price could be to prolong the lease by ninety years. Comparative premises in Bollington with a long lease were worth £280,000. The average amount of ground rent was £45 invoiced monthly. The lease ran out on 16 March 2095. Taking into account 69 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.