Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Market Bosworth. Clearly, the length of lease remaining reduces over time. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Market Bosworth have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do give careful deliberation before putting off your Market Bosworth lease extension. Putting off the cost now likely increases the price you will eventually incur to extend your lease
Leasehold residencies in Market Bosworth with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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 |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Market Bosworth can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.
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 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.
Off the back of unsuccessful negotiations with the landlord of her garden flat in Market Bosworth, Eleanor initiated the lease extension process just as her lease was approaching the critical eighty-year threshold. The legal work was concluded in October 2006. The landlord’s costs were kept to an absolute minimum.
Dr W Nguyen took over the lease of a ground floor flat in Market Bosworth in August 1997. The question was if we could estimate the price would likely be for a ninety year lease extension. Identical properties in Market Bosworth with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 collected per annum. The lease ran out in 2106. Taking into account 80 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.
In 2013 we were e-mailed by Dr Millie Bertrand who, having was assigned a lease of a one bedroom flat in Market Bosworth in August 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative premises in Market Bosworth with an extended lease were worth £280,000. The average amount of ground rent was £45 billed yearly. The lease lapsed on 8 September 2095. Considering the 69 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.