Chances are that if you own a flat in Nannerch you actually own a long leasehold interest over your property
Leasehold premises in Nannerch with in excess of one hundred years outstanding 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 upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Coventry Building Society | 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. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Nannerch can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Nannerch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful negotiations with the landlord of her ground floor apartment in Nannerch, Amelia commenced the lease extension process as the 80 year mark was rapidly advancing. The legal work was concluded in March 2010. The freeholder’s costs were negotiated to less than 650 GBP.
In 2013 we were contacted by Dr Alexandra Laurent who, having owned a studio flat in Nannerch in June 2002. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar properties in Nannerch with a long lease were in the region of £260,200. The mid-range ground rent payable was £65 collected annually. The lease ran out in 2091. Taking into account 66 years remaining we calculated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 plus professional charges.
Dr A Turner completed a one bedroom apartment in Nannerch in May 2011. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable flats in Nannerch with a long lease were valued around £198,800. The average ground rent payable was £55 collected every twelve months. The lease end date was in 2080. Having 55 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of fees.