With a domestic leasehold premises in Bootle, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than 80 years left. Leasehold owners in Bootle with a lease drawing near to 81 years left should seriously consider extending it sooner as opposed to later. Once the lease term has under eighty years left, under the relevant legislation the freeholder is entitled to calculate and levy a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold premises in Bootle with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you increased control over the value of your Bootle leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of protracted correspondence with the freeholder of her ground floor apartment in Bootle, Jade initiated the lease extension process as the eighty year deadline was fast coming. The lease extension was finalised in March 2009. The landlord’s costs were restricted to less than 700 pounds.
In 2010 we were called by Mr and Mrs. K Clarke who, having purchased a garden apartment in Bootle in August 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative homes in Bootle with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 collected per annum. The lease termination date was on 10 February 2089. Given that there were 63 years unexpired we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.
Mr and Mrs. N Norbert bought a recently refurbished flat in Bootle in May 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Bootle with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £55 invoiced annually. The lease ended in 2100. Given that there were 74 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.