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.

Why you should start your Nannerch lease extension

Why you should commence your Nannerch lease extension today:

Increase your lease and increase your Nannerch property value

Chances are that if you own a flat in Nannerch you actually own a long leasehold interest over your property

Nannerch property with a lease extension is almost the same value as a freehold

Leasehold premises 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Many mortgage companies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Lender Requirement
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Nannerch?

Regardless of whether you are a tenant or a landlord in Nannerch,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Nannerch valuers.

Nannerch Lease Extension Case Studies:

Kelsey, Nannerch, Flintshire,

Trailing lengthy discussions with the landlord of her garden flat in Nannerch, Kelsey started the lease extension process just as the lease was nearing the critical eighty-year mark. The lease extension was concluded in November 2009. The freeholder’s fees were kept to an absolute minimum.

Nannerch case:

In 2012 we were e-mailed by Mr J Murphy who, having took over the lease of a newly refurbished flat in Nannerch in July 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative properties in Nannerch with 100 year plus lease were in the region of £257,800. The average amount of ground rent was £65 billed every twelve months. The lease terminated in 2091. Considering the 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of expenses.

Nannerch case:

Last month we were contacted by Mr and Mrs. E Collins , who was assigned a lease of a purpose-built apartment in Nannerch in April 2007. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Identical flats in Nannerch with a long lease were in the region of £191,400. The average amount of ground rent was £55 invoiced quarterly. The lease terminated on 19 April 2080. Considering the 54 years remaining we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of legals.