Top reasons for Boldon lease extension

Why you should commence your Boldon lease extension today:

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

On the balance of probabilities if you own a flat in Boldon you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Boldon property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Boldon lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Boldon 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 lawyer we work with provide it.

Boldon Lease Extension Case Summaries:

Freya, Boldon, Tyne And Wear,

In the wake of 6 months of lengthy correspondence with the landlord of her leasehold apartment in Boldon, Freya commenced the lease extension process as the 80 year deadline was rapidly advancing. The lease extension was concluded in October 2011. The freeholder’s fees were kept to an absolute minimum.

Boldon case:

Last year we were called by Ms Bethan Dupont , who was assigned a lease of a purpose-built apartment in Boldon in January 2007. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical flats in Boldon with 100 year plus lease were in the region of £198,400. The mid-range ground rent payable was £65 billed annually. The lease finished on 28 January 2085. Given that there were 59 years unexpired we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus expenses.

Boldon case:

Dr Abbie Ali was assigned a lease of a newly refurbished apartment in Boldon in August 2011. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparable flats in Boldon with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 collected every twelve months. The lease came to a finish on 21 September 2096. Considering the 70 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.