As the the remaining lease term of a Boscombe residential lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Boscombe will qualify for this right; that being said a conveyancer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Boscombe with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Boscombe can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Boscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the landlord of her garden flat in Boscombe, Ella started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was finalised in July 2007. The freeholder’s fees were kept to an absolute minimum.
Last Spring we were contacted by Dr Isabella Petit , who acquired a ground floor apartment in Boscombe in September 2009. The question was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Identical homes in Boscombe with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed in 2099. Taking into account 73 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.
Last Christmas we were approach by Mr and Mrs. H Laurent , who owned a studio apartment in Boscombe in April 2011. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Similar flats in Boscombe with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 billed annually. The lease finished on 9 November 2079. Considering the 53 years unexpired we estimated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 plus expenses.