Boscombe leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Boscombe will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain situations you may not qualify. There are prescribed deadlines and steps to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold premises in Boscombe with more than 100 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 premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
|Accord Mortgages||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
|Barclays plc||Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.|
|Halifax||Minimum 70 years from the date of the mortgage.|
|Santander|| You must report the unexpired lease term to us and await our instructions if: |
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis
We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
|Virgin||85 years at the time of completion. If it's less, we require it to be extended on or before completion.|
Lease extensions in Boscombe can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
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 procuring Boscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her leasehold flat in Boscombe, Abbie started the lease extension process as the eighty year mark was fast coming. The legal work completed in April 2011. The freeholder’s charges were kept to an absolute minimum.
Dr A Bernard acquired a first floor flat in Boscombe in July 2012. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative premises in Boscombe with an extended lease were in the region of £260,000. The average ground rent payable was £50 invoiced quarterly. The lease elapsed in 2094. Having 72 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.
Last Summer we were approach by Mr Jude Alexander , who took over the lease of a studio apartment in Boscombe in January 2009. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar homes in Boscombe with 100 year plus lease were in the region of £256,600. The average amount of ground rent was £60 invoiced quarterly. The lease ended in 2074. Considering the 52 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £39,000 and £45,000 not including costs.