Boxmoor residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.
Leasehold properties in Boxmoor with more than one hundred years left 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | 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. |
| 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 Boxmoor can be a difficult process. We recommend you get 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 a wealth of experience procuring Boxmoor 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 correspondence with the freeholder of her garden flat in Boxmoor, Isabella commenced the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction was concluded in July 2006. The landlord’s fees were kept to an absolute minimum.
In 2011 we were phoned by Dr L Thompson who, having was assigned a lease of a recently refurbished apartment in Boxmoor in October 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Boxmoor with a long lease were valued about £264,000. The average amount of ground rent was £60 billed per annum. The lease elapsed in 2079. Considering the 53 years left we approximated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 not including expenses.
In 2011 we were approached by Mrs G Girard who, having purchased a one bedroom flat in Boxmoor in July 2003. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable properties in Boxmoor with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 invoiced yearly. The lease concluded in 2089. Taking into account 63 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of legals.