Bolsover leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Bolsover will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Halifax | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Bolsover,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bolsover valuers.
Hunter was the the leasehold owner of a 2 bedroom apartment in Bolsover being marketed with a lease of a little over sixty years remaining. Hunter on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.
Last Spring we were phoned by Mr and Mrs. O Reed , who took over the lease of a first floor flat in Bolsover in June 2010. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Similar homes in Bolsover with 100 year plus lease were valued around £243,000. The average ground rent payable was £65 collected yearly. The lease concluded on 15 September 2089. Taking into account 63 years remaining we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of legals.
In 2009 we were e-mailed by Mr Lewis Turner who, having took over the lease of a first floor flat in Bolsover in June 2006. We are asked if we could approximate the price could be to prolong the lease by ninety years. Similar premises in Bolsover with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 billed quarterly. The lease came to a finish on 5 May 2078. Given that there were 52 years outstanding we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including fees.