Main reasons to start your Nannerch lease extension

Main reasons to commence your Nannerch lease extension today:

Increase your lease and increase your Nannerch property value

The only way is down when it comes to Nannerch lease terms. Nannerch flats that have a residual term fewer than eighty years will de-escalate in market price even faster, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic as and when you wish to sell or refinance your flat as it will be practically unmortgageable. You might not have an imminent intention to sell but when you do your purchaser will have to hold off for 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Nannerch lease extensions?

Lease extensions in Nannerch can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience 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.

Nannerch Lease Extension Case Studies:

Milo, Nannerch, Flintshire,

Milo owned a high value apartment in Nannerch on the market with a lease of a little over 59 years remaining. Milo informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Milo to exercise his statutory right. Milo obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Nannerch case:

Last year we were approach by Ms L James , who took over the lease of a garden flat in Nannerch in April 2007. The question was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar residencies in Nannerch with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 billed quarterly. The lease terminated in 2086. Having 60 years as a residual term we calculated the premium to the landlord to extend the lease to be between £24,700 and £28,600 exclusive of costs.

Nannerch case:

In 2011 we were e-mailed by Dr G Ward who, having owned a garden flat in Nannerch in June 1995. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative flats in Nannerch with 100 year plus lease were worth £210,000. The average amount of ground rent was £50 invoiced every twelve months. The lease expired on 21 June 2106. Taking into account 80 years remaining we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.