Main reasons to start your Market Bosworth lease extension

Main reasons to commence your Market Bosworth lease extension today:

Increase your lease and increase your Market Bosworth property value

The value of Market Bosworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Market Bosworth with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Market Bosworth lease extensions?

Lease extensions in Market Bosworth can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Market Bosworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Market Bosworth Lease Extension Case Studies:

Naomi, Market Bosworth, Leicestershire,

Subsequent to protracted negotiations with the freeholder of her two bedroom flat in Market Bosworth, Naomi started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work was concluded in June 2012. The freeholder’s fees were kept to an absolute minimum.

Market Bosworth case:

Last year we were approach by Mr and Mrs. S Mitchell , who acquired a recently refurbished apartment in Market Bosworth in January 2005. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparable properties in Market Bosworth with a long lease were valued around £250,400. The average amount of ground rent was £65 billed every twelve months. The lease end date was on 13 April 2090. Taking into account 64 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 not including fees.

Market Bosworth case:

Last month we were phoned by Dr U Wilson , who took over the lease of a one bedroom apartment in Market Bosworth in February 2007. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable flats in Market Bosworth with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed on 10 March 2079. Given that there were 53 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus fees.