On the balance of probabilities where you own a flat in Nannerch you actually own a long leasehold interest over your property
Leasehold premises in Nannerch with more than one hundred years remaining on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Leeds Building Society | |
| Santander | |
| TSB | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a landlord in Nannerch,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Nannerch valuers.
Subsequent to lengthy discussions with the freeholder of her first floor flat in Nannerch, Charlotte started the lease extension process just as the lease was approaching the crucial 80-year threshold. The legal work was finalised in April 2011. The landlord’s costs were negotiated to less than 450 pounds.
Mr and Mrs. T Stewart acquired a newly refurbished flat in Nannerch in July 2007. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Nannerch with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed annually. The lease concluded in 2090. Taking into account 64 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including costs.
In 2013 we were phoned by Mr B Williams who, having bought a recently refurbished flat in Nannerch in February 2001. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable residencies in Nannerch with a long lease were worth £189,000. The average ground rent payable was £55 invoiced annually. The lease finished in 2079. Considering the 53 years unexpired we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus professional charges.