Bootle leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Bootle will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some cases you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
Engaging our service will provide you increased control over the value of your Bootle leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Adam, came critically close to the eighty-year mark with the lease on his leasehold flat in Bootle. In buying his home two decades ago, the length of the lease was of no interest. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Adam was able to extend his lease just under the wire last June. Adam and the landlord subsequently settled on sum of £5,000 . If he not met the deadline, the sum would have gone up by at least £925.
Mr and Mrs. A Lewis owned a studio flat in Bootle in November 1998. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative residencies in Bootle with an extended lease were worth £246,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended on 27 June 2076. Having 50 years remaining we approximated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 not including costs.
In 2014 we were called by Mr N Fournier who, having completed a first floor flat in Bootle in July 2001. The dilemma was if we could approximate the premium could be to prolong the lease by an additional years. Comparative properties in Bootle with 100 year plus lease were in the region of £208,200. The mid-range ground rent payable was £65 invoiced every twelve months. The lease finished on 13 January 2087. Having 61 years unexpired we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus legals.