The value of Bootle leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than eighty years
Leasehold residencies in Bootle with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Bootle can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 Bootle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful correspondence with the freeholder of her first floor flat in Bootle, Bethany commenced the lease extension process as the 80 year mark was swiftly approaching. The transaction was finalised in October 2005. The landlord’s fees were kept to an absolute minimum.
In 2010 we were called by Dr O Collins who, having purchased a purpose-built apartment in Bootle in August 2004. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar homes in Bootle with 100 year plus lease were in the region of £254,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease elapsed on 13 August 2077. Given that there were 51 years left we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including professional charges.
In 2011 we were e-mailed by Mr and Mrs. M Clark who, having was assigned a lease of a ground floor apartment in Bootle in April 2008. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable properties in Bootle with an extended lease were worth £210,600. The mid-range amount of ground rent was £45 billed every twelve months. The lease concluded on 24 March 2088. Taking into account 62 years unexpired we approximated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus legals.