Top reasons for Bolton lease extension

Main reasons to start your Bolton lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Bolton. Inevitably, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Bolton have the right to extend the lease for an additional 90 years under legislation. Do give careful deliberation before delaying your Bolton lease extension. Holding off that expense now only increases the price you will eventually incur for a lease extension

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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Bolton?

Lease extensions in Bolton can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.

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.

Bolton Lease Extension Example Cases:

Alisha, Bolton, Greater Manchester,

Trailing protracted discussions with the freeholder of her two bedroom flat in Bolton, Alisha started the lease extension process as the eighty year deadline was fast coming. The lease extension was concluded in August 2006. The landlord’s costs were kept to an absolute minimum.

Bolton case:

In 2010 we were phoned by Dr S Watson who, having moved into a garden flat in Bolton in March 2007. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Bolton with an extended lease were valued around £264,000. The mid-range ground rent payable was £60 billed per annum. The lease came to a finish on 18 April 2079. Given that there were 53 years unexpired we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 exclusive of professional charges.

Bolton case:

Last year we were called by Mr Harrison Evans , who bought a basement apartment in Bolton in November 2011. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparative premises in Bolton with an extended lease were valued about £220,400. The mid-range ground rent payable was £45 invoiced monthly. The lease concluded in 2090. Having 64 years remaining we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus costs.