The only way is down when it comes to Boscombe lease terms. Boscombe properties that have a lease term shorter than eighty years will de-escalate in market price even faster, and the cost to extend your lease will go up.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| Yorkshire Building Society |
The conveyancers that we work with handle Boscombe lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Muhammad was the the leasehold owner of a high value apartment in Boscombe on the market with a lease of fraction over 72 years remaining. Muhammad informally approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Muhammad to exercise his statutory right. Muhammad obtained expert legal guidance and secured an acceptable deal informally and sell the property.
Dr Lucy David bought a one bedroom apartment in Boscombe in January 1997. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparative residencies in Boscombe with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 invoiced annually. The lease ran out in 2083. Given that there were 57 years remaining we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus expenses.
Last Christmas we were phoned by Mr and Mrs. D Hill , who acquired a ground floor apartment in Boscombe in September 2007. The question was if we could approximate the price would likely be to extend the lease by 90 years. Identical properties in Boscombe with 100 year plus lease were in the region of £245,000. The mid-range ground rent payable was £50 billed yearly. The lease finished on 22 July 2094. Given that there were 68 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.