Top reasons for Bolsover lease extension

Why you should commence your Bolsover lease extension today:

Increase your lease and increase your Bolsover property value

Bolsover leases on residential properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. If lease term is less than 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Bolsover will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

Bolsover property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you need to sell or remortgage your property as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your buyer must wait 2 years before they can start the legal procedures for an extension to the lease.

Why use us for your lease extension in Bolsover?

Regardless of whether you are a tenant or a freeholder in Bolsover,the lease extension lawyers 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.

Bolsover Lease Extension Example Cases:

Emily, Bolsover, Derbyshire,

Following protracted correspondence with the landlord of her studio apartment in Bolsover, Emily started the lease extension process just as her lease was nearing the critical eighty-year mark. The transaction completed in October 2012. The freeholder’s charges were kept to an absolute minimum.

Bolsover case:

Mr and Mrs. E Brooks purchased a garden apartment in Bolsover in August 2001. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparable homes in Bolsover with an extended lease were worth £295,000. The mid-range amount of ground rent was £50 collected quarterly. The lease terminated in 2101. Having 75 years as a residual term we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.

Bolsover case:

In 2010 we were e-mailed by Dr R Young who, having purchased a one bedroom apartment in Bolsover in June 2004. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparable homes in Bolsover with 100 year plus lease were valued around £250,400. The average ground rent payable was £65 billed yearly. The lease ended in 2090. Having 64 years remaining we estimated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of fees.