Unfortunately that a Market Bosworth residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Market Bosworth property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher premium will be due. Most leasehold owners in Market Bosworth will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer from beginning to end of the formalities.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Market Bosworth can be a difficult process. We recommend you get professional help from a lawyer 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.
Following unsuccessful negotiations with the landlord of her ground floor flat in Market Bosworth, Natasha started the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was concluded in September 2013. The freeholder’s charges were kept to an absolute minimum.
In 2009 we were approached by Dr Ibrahim Williams who, having owned a studio apartment in Market Bosworth in January 1998. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable residencies in Market Bosworth with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 collected yearly. The lease end date was on 11 February 2094. Taking into account 68 years remaining we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.
Last Summer we were called by Mr and Mrs. L Robinson , who acquired a one bedroom apartment in Market Bosworth in January 1995. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative properties in Market Bosworth with 100 year plus lease were valued around £208,600. The mid-range amount of ground rent was £60 collected quarterly. The lease elapsed in 2083. Given that there were 57 years left we estimated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.