There is no doubt about it a leasehold property in Bozeat is a wasting asset as a result of the diminishing lease term. If the residual term has, in excess of 100 years to run then this decrease may be fractional however there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Bozeat will meet the qualifying criteria; that being said a lawyer can confirm whether you qualify to extend your lease. 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.
Leasehold properties in Bozeat with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Lease extensions in Bozeat can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 Bozeat lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her studio flat in Bozeat, Amelia commenced the lease extension process as the 80 year threshold was fast advancing. The transaction completed in January 2014. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were phoned by Mr V Hernández who, having completed a purpose-built apartment in Bozeat in November 1999. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable premises in Bozeat with a long lease were valued around £227,800. The mid-range ground rent payable was £45 invoiced quarterly. The lease finished in 2091. Taking into account 65 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus fees.
Dr R Collins acquired a garden apartment in Bozeat in July 2008. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable flats in Bozeat with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease elapsed on 7 November 2102. Given that there were 76 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.