There is no doubt about it a leasehold flat or house in Nannerch is a wasting asset as a result of the shortening lease. If the residual term has, in excess of 99 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Nannerch will qualify for this right; nevertheless a conveyancing solicitor can confirm whether you qualify for a lease extension. 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 Nannerch with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Engaging our service gives you enhanced control over the value of your Nannerch leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following lengthy correspondence with the landlord of her ground floor flat in Nannerch, Anna commenced the lease extension process just as her lease was coming close to the crucial eighty-year mark. The lease extension was finalised in January 2010. The freeholder’s fees were kept to an absolute minimum.
Last Summer we were e-mailed by Dr J Bertrand , who completed a basement flat in Nannerch in April 2005. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable homes in Nannerch with a long lease were in the region of £210,000. The mid-range ground rent payable was £50 collected annually. The lease terminated in 2106. Taking into account 80 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.
In 2013 we were called by Dr V Clark who, having bought a first floor flat in Nannerch in February 2004. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical flats in Nannerch with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £45 invoiced annually. The lease end date was in 2095. Given that there were 69 years unexpired we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.