When it comes to domestic leasehold property in Bolton, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Residents in Bolton with a lease nearing 81 years unexpired should seriously think of extending it sooner as opposed to later. When a lease has less than eighty years remaining, under the current legislation the landlord is entitled to calculate and demand a larger premium, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold residencies in Bolton with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Bolton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Bolton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the freeholder of her basement flat in Bolton, Holly commenced the lease extension process just as her lease was nearing the crucial eighty-year mark. The lease extension was finalised in November 2007. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. G Ali owned a basement apartment in Bolton in June 2004. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable premises in Bolton with an extended lease were valued around £203,200. The average amount of ground rent was £65 billed yearly. The lease expiry date was on 13 March 2087. Considering the 61 years unexpired we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of costs.
Mr and Mrs. V Bennett completed a one bedroom flat in Bolton in May 2003. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable properties in Bolton with an extended lease were in the region of £260,000. The average ground rent payable was £50 collected per annum. The lease elapsed on 28 November 2098. Taking into account 72 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.