When it comes to long leasehold property in Bootle, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years remaining. Anyone in Bootle with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has below 80 years outstanding, under the relevant Act the freeholder can calculate and charge a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Lease extensions in Bootle 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 Bootle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eliot owned a conversion apartment in Bootle being sold with a lease of just over fifty eight years left. Eliot informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
Ms Amber Simon completed a basement apartment in Bootle in February 1999. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Similar premises in Bootle with an extended lease were valued about £242,600. The average amount of ground rent was £45 invoiced annually. The lease lapsed in 2093. Having 67 years left we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including costs.
Last Christmas we were e-mailed by Mr and Mrs. F Rivera , who completed a newly refurbished apartment in Bootle in March 2011. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Identical properties in Bootle with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 collected monthly. The lease concluded in 2104. Considering the 78 years unexpired we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus expenses.