The only way is down when it comes to Bootle lease terms. Bootle flats that have a lease term lower than 80 years will de-escalate in value at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Bootle with in excess of one hundred years remaining 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 circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a landlord in Bootle,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bootle valuers.
In the wake of 6 months of protracted discussions with the freeholder of her leasehold flat in Bootle, Madeleine initiated the lease extension process as the 80 year deadline was rapidly coming. The lease extension completed in January 2015. The landlord’s fees were negotiated to approximately 550 GBP.
In 2013 we were e-mailed by Ms Jade Bennett who, having bought a first floor apartment in Bootle in September 1997. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Identical flats in Bootle with a long lease were valued around £210,600. The average ground rent payable was £45 collected yearly. The lease finished on 21 November 2088. Taking into account 62 years remaining we estimated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including fees.
Last Summer we were phoned by Ms V Ward , who moved into a garden apartment in Bootle in March 1999. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar residencies in Bootle with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease end date was in 2099. Considering the 73 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.