Top reasons for Bolsover lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/bolsover">Bolsover</a> lease depreciates with the years remaining on the lease.
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Bolsover leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Bolsover will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold properties in Bolsover with more than 100 years unexpired on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and maintenance charges merit it. <h4>Mortgage lenders will not issue a mortgage on a short lease</h4> Banks and Building Societies are less likely to grant a loan offer on a residential flat in Bolsover with a short lease. Many lenders simply refuse a mortgage on leases with below 75 years remaining.
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<tr><th>Lender</th>
<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Chelsea Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<h4> Get in touch with one of our Bolsover lease extension solicitors or enfranchisement solicitors
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<p> Engaging our service will provide you increased control over the value of your Bolsover leasehold, as your property will be more valuable and marketable in terms of lease length should you wish 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. <h4>
Bolsover Lease Extension Example Cases:
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<h5> Dexter, Bolsover, Derbyshire</h5>
<p> In recent months Dexter, came precariously near to the 80-year threshold with the lease on his first floor flat in Bolsover. In buying his property two decades ago, the unexpired term was of little importance. by good luck, he realised he needed to take steps soon on a lease extension. Dexter was able to extend his lease just in the nick of time in January. Dexter and the freeholder in the end agreed on an amount of £5,000 . If he had missed the deadline, the amount would have increased by at least £1,075.
<h5>Bolsover case:</h5>
<p> Mr Rory James moved into a recently refurbished flat in Bolsover in November 2012. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Similar premises in Bolsover with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 collected monthly. The lease came to a finish in 2099. Considering the 73 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
<h5>Bolsover case:</h5>
<p> Dr M Wilson took over the lease of a first floor apartment in Bolsover in July 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Bolsover with a long lease were in the region of £240,600. The average ground rent payable was £60 billed per annum. The lease concluded in 2088. Taking into account 62 years left we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including costs.
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