Why you should start your Bollington lease extension

Main reasons to commence your Bollington lease extension today:

Increase your lease and increase your Bollington property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bollington have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Bollington lease extension. Postponing the costs 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

Leasehold properties in Bollington with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

The trend since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past lenders would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Bollington?

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

Bollington Lease Extension Example Cases:

Millie, Bollington, Cheshire,

After lengthy discussions with the freeholder of her garden apartment in Bollington, Millie commenced the lease extension process as the 80 year mark was swiftly advancing. The lease extension completed in August 2007. The landlord’s charges were kept to an absolute minimum.

Bollington case:

Last Spring we were called by Mr and Mrs. F Morris , who completed a one bedroom flat in Bollington in February 2007. We are asked if we could approximate the price could be to prolong the lease by ninety years. Identical flats in Bollington with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed quarterly. The lease ended on 13 April 2098. Given that there were 72 years left we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus legals.

Bollington case:

In 2009 we were approached by Mr Y James who, having took over the lease of a purpose-built apartment in Bollington in July 2010. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Identical flats in Bollington with an extended lease were valued about £233,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease termination date was in 2087. Given that there were 61 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 not including costs.