Why you should commence your Bootle lease extension

Why you should start your Bootle lease extension today:

A Bootle leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Bootle you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Bootle with more than one hundred years outstanding on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may cause difficulties as and when you come to market or refinance your property as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Bootle lease extensions?

Using our service gives you enhanced control over the value of your Bootle leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bootle Lease Extension Case Summaries:

Gabriel, Bootle, Merseyside,

Gabriel owned a conversion apartment in Bootle being sold with a lease of a few days over 61 years left. Gabriel on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Bootle case:

In 2013 we were called by Mr and Mrs. P Howard who, having acquired a basement flat in Bootle in January 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar flats in Bootle with an extended lease were worth £191,000. The average ground rent payable was £65 invoiced annually. The lease termination date was on 26 October 2084. Considering the 58 years unexpired we calculated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of fees.

Bootle case:

Last Spring we were contacted by Mr and Mrs. M Robinson , who purchased a one bedroom apartment in Bootle in November 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical flats in Bootle with an extended lease were in the region of £250,000. The average ground rent payable was £50 collected yearly. The lease ran out in 2095. Having 69 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.