The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Boscombe can extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Boscombe lease extension. Postponing the costs now simply escalates the premium you will ultimately be required to pay to extend the lease.
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in Boscombe,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Boscombe valuers.
Ibrahim owned a conversion apartment in Boscombe being sold with a lease of fraction over 72 years left. Ibrahim informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.
Dr E González acquired a basement apartment in Boscombe in August 2009. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative residencies in Boscombe with a long lease were in the region of £193,400. The average ground rent payable was £65 billed monthly. The lease ended in 2084. Having 59 years remaining we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of legals.
Mr Henry Girard bought a studio flat in Boscombe in January 2003. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Similar premises in Boscombe with an extended lease were in the region of £255,000. The average amount of ground rent was £50 billed every twelve months. The lease ran out in 2095. Having 70 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.