The market value of a leasehold property in Bolsover is impacted by how long the lease has remaining. If it is close to or fewer than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the process of extending the lease is when the lease still has 82 years unexpired so that formalities can be finalised in advance of the 80 year mark. Current legislation entitles Bolsover qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of ninety years. The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Bolsover can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 Bolsover lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy discussions with the landlord of her leasehold flat in Bolsover, Maisie started the lease extension process as the eighty year deadline was rapidly coming. The legal work was finalised in June 2006. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. J Peterson moved into a one bedroom apartment in Bolsover in August 1995. The question was if we could estimate the premium would be for a ninety year extension to my lease. Identical premises in Bolsover with a long lease were worth £275,000. The mid-range ground rent payable was £65 billed every twelve months. The lease expired on 16 November 2093. Considering the 68 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.
Ms U Martínez acquired a purpose-built apartment in Bolsover in October 1997. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical residencies in Bolsover with 100 year plus lease were worth £208,600. The average amount of ground rent was £60 invoiced quarterly. The lease concluded in 2082. Considering the 57 years left we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.