The nearer a domestic lease in Nannerch nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Nannerch will meet the qualifying criteria; that being said a conveyancer will be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Nannerch with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Using 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 want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Joseph owned a conversion flat in Nannerch on the market with a lease of a few days over 61 years remaining. Joseph on an informal basis approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Joseph to exercise his statutory right. Joseph procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Mrs Ellen Robinson acquired a newly refurbished apartment in Nannerch in January 1997. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Identical premises in Nannerch with an extended lease were valued around £285,000. The average ground rent payable was £45 collected monthly. The lease ran out in 2097. Taking into account 72 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.
In 2013 we were called by Dr Alfie Gómez who, having took over the lease of a first floor apartment in Nannerch in April 2009. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Nannerch with a long lease were valued around £233,200. The mid-range amount of ground rent was £60 invoiced annually. The lease lapsed in 2086. Taking into account 61 years left we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including legals.