Bolton leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Bolton will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Bolton with in excess of 100 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| TSB | |
| The Mortgage Works |
Using our service will provide you enhanced control over the value of your Bolton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Ibrahim, came precariously close to the 80-year threshold with the lease on his studio flat in Bolton. In buying his property two decades ago, the unexpired term was of little interest. by good luck, he became aware that he needed to take steps soon on a lease extension. Ibrahim was able to extend his lease at the eleventh hour in August. Ibrahim and the landlord ultimately agreed on an amount of £5,000 . If the lease had slid lower than 80 years, the figure would have escalated by a minimum £1,125.
Last month we were phoned by Mrs T Lee , who completed a purpose-built apartment in Bolton in September 2009. The question was if we could approximate the premium could be to extend the lease by 90 years. Comparable homes in Bolton with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed in 2091. Given that there were 65 years remaining we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.
In 2014 we were approached by Ms Jade Simon who, having moved into a purpose-built apartment in Bolton in September 2009. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable premises in Bolton with a long lease were in the region of £270,000. The average ground rent payable was £55 collected per annum. The lease terminated in 2102. Given that there were 76 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.