Bowthorpe leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Flat owners in Bowthorpe will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are prescribed deadlines and steps to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Virgin |
The lawyers that we work with undertake Bowthorpe 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 conveyancer we work with provide it.
Following unsuccessful correspondence with the freeholder of her leasehold apartment in Bowthorpe, Jessica started the lease extension process as the 80 year deadline was rapidly nearing. The legal work completed in August 2008. The freeholder’s charges were negotiated to about 450 GBP.
Mr Cameron Parker completed a basement apartment in Bowthorpe in February 2005. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar residencies in Bowthorpe with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 collected yearly. The lease lapsed on 1 June 2100. Given that there were 74 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.
Last Summer we were called by Mr and Mrs. Y Mercier , who moved into a garden apartment in Bowthorpe in April 1997. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Comparable homes in Bowthorpe with a long lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed in 2089. Given that there were 63 years as a residual term we estimated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including legals.