Top reasons for Boston lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Boston have the legal entitlement to extend the lease for an additional ninety years under statute. Please give careful consideration before delaying your Boston lease extension. Putting off that expense today simply increases the price you will ultimately have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

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

Mortgage lenders will not grant a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Given that plenty of flats in Boston were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Boston lease extensions?

Lease extensions in Boston can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Boston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Boston Lease Extension Case Summaries:

Tyler, Boston, Lincolnshire

Last year Tyler, started to get close to the eighty-year mark with the lease on his ground floor flat in Boston. Having bought his property two decades ago, the lease term was of minimal importance. As luck would have it, he realised he needed to take steps soon on Extending the lease. Tyler extended the lease at the eleventh hour in January. Tyler and the landlord in the end settled on a premium of £5,000 . If the lease had fallen lower than eighty years, the price would have gone up by a minimum £1,150.

Boston case:

In 2012 we were called by Mr U Campbell who, having owned a basement apartment in Boston in May 2000. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative flats in Boston with a long lease were in the region of £254,200. The mid-range ground rent payable was £60 collected yearly. The lease end date was on 18 February 2077. Given that there were 51 years unexpired we approximated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus fees.

Boston case:

Last Spring we were e-mailed by Mr and Mrs. T Simon , who took over the lease of a one bedroom flat in Boston in January 1995. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar flats in Boston with 100 year plus lease were valued around £210,600. The average ground rent payable was £45 collected quarterly. The lease lapsed on 24 July 2088. Considering the 62 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.