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Why you should commence your Bolsover lease extension

Why you should commence your Bolsover lease extension today:

A Bolsover leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Bolsover lease terms. Bolsover leaseholds that have a residual term shorter than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will increase.

An extended lease has roughly the same value as a freehold

Leasehold premises in Bolsover with over one hundred years remaining on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to finance a property on a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Yorkshire 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.

What makes us experts in Bolsover lease extensions?

Irrespective of whether you are a tenant or a landlord in Bolsover,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bolsover valuers.

Bolsover Lease Extension Example Cases:

Laura, Bolsover, Derbyshire,

After protracted correspondence with the freeholder of her two bedroom apartment in Bolsover, Laura commenced the lease extension process as the eighty year threshold was fast approaching. The legal work was finalised in May 2008. The freeholder’s charges were kept to an absolute minimum.

Bolsover case:

Mr and Mrs. S Reed moved into a first floor apartment in Bolsover in March 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar properties in Bolsover with a long lease were in the region of £184,000. The average ground rent payable was £55 billed per annum. The lease came to a finish on 17 January 2078. Given that there were 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus fees.

Bolsover case:

Mr L Taylor completed a newly refurbished apartment in Bolsover in October 2000. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Comparative homes in Bolsover with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 billed every twelve months. The lease ended in 2098. Taking into account 73 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.