Why you should start your Bollington lease extension

Main reasons to commence your Bollington lease extension today:

Increase your lease and increase your Bollington property value

The value of Bollington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Get in touch with one of our Bollington lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Bollington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Bollington Lease Extension Case Summaries:

Freddie, Bollington, Cheshire

Last year Freddie, came very near to the eighty-year mark with the lease on his leasehold apartment in Bollington. Having bought his home twenty years previously, the length of the lease was of minimal importance. As luck would have it, he realised he needed to take steps soon on Extending the lease. Freddie arranged for a lease extension just in the nick of time in August. Freddie and the landlord who owned the flat above in the end settled on an amount of £5,000 . If the lease had slid to less than 80 years, the premium would have increased by a minimum £1,125.

Bollington case:

Dr H Murphy moved into a basement flat in Bollington in August 2008. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparative homes in Bollington with a long lease were worth £275,000. The mid-range amount of ground rent was £65 collected yearly. The lease finished in 2094. Having 68 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.

Bollington case:

Dr J Vincent purchased a basement apartment in Bollington in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar premises in Bollington with a long lease were in the region of £208,600. The mid-range amount of ground rent was £60 billed annually. The lease end date was on 7 October 2083. Having 57 years outstanding we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including costs.