Main reasons to start your Bootle lease extension
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Main reasons to start your Bootle lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/bootle">Bootle</a> leasehold property depreciates with the years remaining on the lease.
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Bootle leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher premium will be due. Flat owners in Bootle will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain situations you may not qualify. There are also strict timetables and procedures to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.
<h4>An extended lease is almost the same value as a freehold</h4>
<p> It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
<h4>Lenders will not issue a mortgage on a short lease</h4> Banks and building societies are really restricting their approach as regards to homes in Bootle with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of potential purchasers.
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<tr><th>Lender</th>
<th> Requirement
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Chelsea Building Society</td>
<td> 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.
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<td>Coventry Building Society</td>
<td> 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.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />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.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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What makes us experts in Bootle lease extensions?
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Lease extensions in Bootle can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
<p>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 a wealth of experience 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.
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Bootle Lease Extension Case Studies:
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<h5> Sam, Bootle, Merseyside,</h5>
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Sam owned a conversion flat in Bootle being marketed with a lease of a few days over sixty years unexpired. Sam informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Sam to invoke his statutory right. Sam obtained expert advice and secured satisfactory deal without going to tribunal and sell the flat.
<h5>Bootle case:</h5>
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In 2011 we were called by Mr Y Howard who, having bought a garden apartment in Bootle in July 2006. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Similar flats in Bootle with 100 year plus lease were valued about £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease expiry date was on 28 April 2097. Taking into account 71 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
<h5>Bootle case:</h5>
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Last year we were called by Mr and Mrs. F Parker , who
moved into a one bedroom flat in Bootle in October 1998. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical homes in Bootle with an extended lease were valued around £254,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease terminated on 10 August 2077. Considering the 51 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including legals.
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