With a domestic leasehold premises in Bolsover, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are less than eighty years remaining. Anyone in Bolsover with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has fewer than eighty years outstanding, under the relevant Act the landlord is entitled to calculate and levy a greater amount, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold properties in Bolsover with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Using our service will provide you enhanced control over the value of your Bolsover leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Tyler owned a conversion flat in Bolsover being sold with a lease of a little over 59 years remaining. Tyler informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Tyler to exercise his statutory right. Tyler procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.
In 2013 we were approached by Ms Natalie Cook who, having completed a first floor apartment in Bolsover in October 1998. The question was if we could approximate the premium could be to extend the lease by 90 years. Similar flats in Bolsover with a long lease were in the region of £267,600. The average amount of ground rent was £65 billed every twelve months. The lease expired on 4 June 2093. Having 67 years left we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of professional charges.
Dr Stephanie Moreau was assigned a lease of a recently refurbished flat in Bolsover in April 2011. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Comparable residencies in Bolsover with an extended lease were worth £206,200. The average ground rent payable was £55 invoiced quarterly. The lease concluded in 2082. Given that there were 56 years remaining we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus professional charges.