The nearer a residential lease in Bootle nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 100 years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years remaining 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 main reason why you should consider extending sooner than later. Most flat owners in Bootle will meet the qualifying criteria; however a conveyancer will be able to advise if you are eligible to extend your lease. In limited 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 Bootle with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 Bootle can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 dealing with Bootle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Elijah was the the leasehold proprietor of a studio apartment in Bootle on the market with a lease of just over 72 years remaining. Elijah informally spoke with his freeholder a well known local-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 a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert advice and was able to make an informed decision and deal with the matter and sell the flat.
In 2012 we were called by Mr S Sánchez who, having was assigned a lease of a newly refurbished flat in Bootle in November 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Comparative premises in Bootle with 100 year plus lease were worth £246,800. The mid-range amount of ground rent was £60 billed per annum. The lease ended on 20 March 2075. Given that there were 50 years as a residual term we calculated the premium to the landlord for the lease extension to be within £44,700 and £51,600 plus expenses.
Mr Ben Thompson acquired a purpose-built apartment in Bootle in November 2004. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Similar residencies in Bootle with 100 year plus lease were worth £208,200. The average ground rent payable was £65 invoiced monthly. The lease terminated in 2086. Having 61 years outstanding we calculated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 not including costs.