The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Nafferton can extend the lease for an additional ninety years under statute. Do think carefully before delaying your Nafferton lease extension. Putting off that expense today simply escalates the amount you will eventually be required to pay for a lease extension.
Leasehold residencies in Nafferton with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The conveyancers that we work with handle Nafferton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Joseph owned a conversion apartment in Nafferton being sold with a lease of a few days over sixty years remaining. Joseph on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Joseph to invoke his statutory right. Joseph procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Last November we were called by Mr and Mrs. J Edwards , who was assigned a lease of a garden flat in Nafferton in April 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Nafferton with a long lease were in the region of £176,200. The average ground rent payable was £65 billed quarterly. The lease ended in 2082. Taking into account 56 years unexpired we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of expenses.
In 2014 we were e-mailed by Mr and Mrs. E Díaz who, having took over the lease of a purpose-built apartment in Nafferton in May 2002. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Nafferton with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected monthly. The lease ended in 2093. Considering the 67 years left we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus costs.