The nearer a residential lease in Boscombe nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Boscombe will qualify for this right; that being said a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Retaining our service will provide you increased control over the value of your Boscombe leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Matthew was the the leasehold owner of a studio flat in Boscombe on the market with a lease of just over 61 years outstanding. Matthew on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Matthew to invoke his statutory right. Matthew procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Last Spring we were approach by Mr and Mrs. G Collins , who bought a garden flat in Boscombe in May 2002. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Similar premises in Boscombe with a long lease were valued about £264,000. The average amount of ground rent was £60 billed annually. The lease finished in 2079. Given that there were 53 years outstanding we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of expenses.
Last Winter we were approach by Dr Dexter Gómez , who owned a first floor apartment in Boscombe in March 2002. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Boscombe with 100 year plus lease were in the region of £225,400. The mid-range amount of ground rent was £45 billed per annum. The lease lapsed in 2090. Given that there were 64 years remaining we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including professional charges.