Main reasons to start your Boldon lease extension

Top reasons for lease extension now:

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

Boldon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Boldon tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Boldon you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Boldon flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

Boldon property with a lease extension is almost the same value as a freehold

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

Lending institutions may decide not to loan monies with a short lease

Nearly all mortgage lenders will not lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Boldon property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Boldon?

Using our service will provide you enhanced control over the value of your Boldon leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Boldon Lease Extension Example Cases:

Blake, Boldon, Tyne And Wear

In recent months Blake, came seriously near to the 80-year threshold with the lease on his one bedroom flat in Boldon. Having bought his flat twenty years ago, the length of the lease was of no interest. Thankfully, he became aware that he needed to take action soon on a lease extension. Blake extended the lease just in the nick of time last June. Blake and the freeholder via the managing agents ultimately agreed on sum of £5,500 . If the lease had dipped below 80 years, the price would have gone up by at least £1,075.

Boldon case:

Mrs L Sharif purchased a ground floor flat in Boldon in January 1995. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar flats in Boldon with an extended lease were worth £260,000. The average ground rent payable was £50 collected monthly. The lease ended in 2098. Given that there were 72 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Boldon case:

Last Summer we were called by Ms Jessica Martínez , who completed a purpose-built flat in Boldon in March 2009. We are asked if we could estimate the price would be to prolong the lease by an additional years. Similar homes in Boldon with 100 year plus lease were in the region of £254,200. The average ground rent payable was £60 invoiced annually. The lease expired in 2077. Given that there were 51 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 plus costs.