When it comes to long leasehold property in Bootle, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater particularly once there are fewer than eighty years remaining. Residents in Bootle with a lease nearing 81 years unexpired should seriously consider extending it sooner rather than later. Once the lease term has under 80 years outstanding, under the relevant legislation the freeholder can calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Bootle can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in this area.
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.
In the wake of 6 months of unsuccessful discussions with the freeholder of her garden apartment in Bootle, Charlotte started the lease extension process as the 80 year threshold was swiftly nearing. The transaction completed in February 2011. The landlord’s charges were negotiated to a tad over 650 pounds.
In 2010 we were contacted by Mr and Mrs. H Turner who, having completed a first floor flat in Bootle in February 2005. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative flats in Bootle with a long lease were valued around £250,000. The average ground rent payable was £50 collected yearly. The lease lapsed on 13 January 2095. Taking into account 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.
Mr and Mrs. N Moreau took over the lease of a ground floor apartment in Bootle in October 2003. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparable homes in Bootle with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease concluded on 16 March 2106. Considering the 80 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.