Boldon Colliery leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease drops lower than 80 years - otherwise a higher premium will be payable. Flat owners in Boldon Colliery will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Boldon Colliery with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
The conveyancing solicitors that we work with procure Boldon Colliery lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Blake owned a conversion flat in Boldon Colliery on the market with a lease of a few days over 61 years unexpired. Blake informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and secured an acceptable deal informally and readily saleable.
Last Summer we were called by Mr T Thomas , who was assigned a lease of a garden apartment in Boldon Colliery in March 2007. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Similar properties in Boldon Colliery with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease elapsed in 2103. Having 77 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
In 2009 we were approached by Mr and Mrs. R Nelson who, having was assigned a lease of a first floor apartment in Boldon Colliery in July 2000. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative premises in Boldon Colliery with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 invoiced monthly. The lease lapsed on 13 July 2092. Taking into account 66 years as a residual term we estimated the premium to the landlord for the lease extension to be between £16,200 and £18,600 not including costs.