As the the remaining lease term of a Bosham domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 100 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner than later. Many flat owners in Bosham will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Bosham with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you increased control over the value of your Bosham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the freeholder of her first floor apartment in Bosham, Sarah initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction completed in March 2013. The landlord’s costs were kept to an absolute minimum.
Last year we were approach by Ms L Miller , who owned a purpose-built apartment in Bosham in September 2012. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparable premises in Bosham with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease concluded in 2091. Taking into account 65 years left we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 not including legals.
In 2013 we were contacted by Mr and Mrs. T Clarke who, having was assigned a lease of a ground floor apartment in Bosham in March 1998. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparative residencies in Bosham with a long lease were worth £196,400. The average amount of ground rent was £55 billed every twelve months. The lease concluded on 2 June 2080. Given that there were 54 years unexpired we calculated the premium to the landlord for the lease extension to be between £35,200 and £40,600 plus costs.