Bollington leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Bollington will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service will provide you increased control over the value of your Bollington leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy negotiations with the landlord of her one bedroom apartment in Bollington, Phoebe initiated the lease extension process just as the lease was coming close to the critical 80-year mark. The transaction completed in October 2009. The freeholder’s costs were kept to an absolute minimum.
Mr G Alexander was assigned a lease of a purpose-built flat in Bollington in August 2003. The question was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable residencies in Bollington with an extended lease were valued around £189,000. The mid-range amount of ground rent was £55 collected per annum. The lease lapsed in 2079. Having 53 years left we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.
In 2013 we were called by Mr and Mrs. O Khan who, having was assigned a lease of a basement apartment in Bollington in July 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Bollington with 100 year plus lease were valued around £290,000. The mid-range ground rent payable was £45 billed quarterly. The lease lapsed in 2099. Having 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.