Stop! Your Lease Extension in Nannerch Could Be FREE

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Many leaseholders in Nannerch are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Nannerch has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Nannerch lease extension

Top reasons for lease extension now:

Increase your lease and increase your Nannerch property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Nannerch can extend the lease for an additional ninety years under legislation. Do give careful consideration before delaying your Nannerch lease extension. Postponing the costs today simply increases the price you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 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.

Get in touch with one of our Nannerch lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Nannerch leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Nannerch Lease Extension Example Cases:

Rebecca, Nannerch, Flintshire,

Trailing protracted negotiations with the landlord of her two bedroom flat in Nannerch, Rebecca started the lease extension process just as the lease was nearing the all-important 80-year deadline. The transaction was finalised in September 2015. The freeholder’s charges were kept to an absolute minimum.

Nannerch case:

Mr and Mrs. K Mercier moved into a one bedroom flat in Nannerch in June 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Nannerch with a long lease were worth £233,200. The average ground rent payable was £60 collected per annum. The lease terminated on 23 March 2087. Having 61 years unexpired we calculated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 not including legals.

Nannerch case:

Mr and Mrs. W Morris completed a one bedroom apartment in Nannerch in July 2002. The question was if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Identical homes in Nannerch with 100 year plus lease were valued about £171,800. The mid-range ground rent payable was £55 collected monthly. The lease expired on 22 January 2076. Given that there were 50 years outstanding we calculated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including legals.