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.
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.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Bolsover can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.
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 Bolsover lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Sebastian, started to get near to the eighty-year mark with the lease on his two bedroom flat in Bolsover. In buying his property two decades ago, the unexpired term was of minimal relevance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Sebastian arranged for a lease extension just in the nick of time last January. Sebastian and the freeholder via the management company subsequently agreed on sum of £5,500 . If he not met the deadline, the figure would have escalated by a minimum £950.
Last May we were phoned by Mr and Mrs. H Evans , who was assigned a lease of a recently refurbished flat in Bolsover in June 2005. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Identical homes in Bolsover with a long lease were valued around £290,000. The mid-range amount of ground rent was £45 collected per annum. The lease terminated in 2099. Having 73 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.
Ms R Ward moved into a basement flat in Bolsover in June 2009. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical homes in Bolsover with a long lease were worth £240,600. The average amount of ground rent was £60 collected monthly. The lease ran out on 24 November 2088. Having 62 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including expenses.