As the the remaining lease term of a Botley residential lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of 99 years to run then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Botley will qualify for this right; nevertheless a conveyancer can advise whether you qualify for a lease extension. In limited 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 property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Botley can be a difficult process. We recommend you obtain guidance from a lawyer 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 procuring Botley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alfie was the the leasehold owner of a high value apartment in Botley on the market with a lease of fraction over fifty eight years left. Alfie informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be due on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Last August we were phoned by Mrs Sarah Jones , who bought a first floor flat in Botley in November 2011. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Botley with a long lease were in the region of £218,000. The average ground rent payable was £45 invoiced monthly. The lease finished on 5 July 2089. Given that there were 63 years outstanding we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of fees.
Mr and Mrs. F Allen owned a one bedroom apartment in Botley in April 1996. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Botley with an extended lease were valued about £270,000. The average ground rent payable was £55 invoiced yearly. The lease finished on 28 October 2100. Considering the 74 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.