Top reasons for Bozeat lease extension

Why you should start your Bozeat lease extension today:

Increase your lease and increase your Bozeat property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bozeat have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Bozeat lease extension. Postponing the costs today simply escalates the amount you will ultimately be required to pay for a lease extension.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter difficulties if you want to sell your flat in Bozeat if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but generally they are looking for an unexpired term of at least 65 years.

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

Lease extensions in Bozeat can be a difficult process. We recommend you obtain guidance 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 procuring Bozeat lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bozeat Lease Extension Example Cases:

Noah, Bozeat, Northamptonshire

During the course of the last few months Noah, started to get close to the eighty-year threshold with the lease on his ground floor flat in Bozeat. Having bought his home 18 years previously, the lease term was of little interest. Luckily, he realised he would soon be paying way over the odds for Extending the lease. Noah extended the lease at the eleventh hour last June. Noah and the freeholder via the managing agents in the end settled on a premium of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £850.

Bozeat case:

Mr and Mrs. F Girard bought a one bedroom flat in Bozeat in April 2006. The dilemma was if we could approximate the premium would be to prolong the lease by 90 years. Comparative premises in Bozeat with 100 year plus lease were worth £200,800. The average amount of ground rent was £65 collected monthly. The lease ended on 18 July 2086. Considering the 60 years left we approximated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 exclusive of expenses.

Bozeat case:

Last Christmas we were phoned by Dr Chantelle André , who moved into a garden flat in Bozeat in January 1996. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparable flats in Bozeat with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 collected monthly. The lease expiry date was in 2097. Given that there were 71 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.