The only way is down when it comes to Nafferton lease terms. Nafferton properties that have a remaining term lower than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will go up.
Leasehold residencies in Nafferton with over one hundred years unexpired on the lease are sometimes regarded as a ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance 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; |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The lawyers that we work with procure 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 lawyer we work with provide it.
In the wake of eight months of lengthy negotiations with the landlord of her leasehold flat in Nafferton, Kayleigh initiated the lease extension process as the eighty year threshold was swiftly coming. The legal work was concluded in May 2015. The freeholder’s costs were kept to an absolute minimum.
In 2013 we were contacted by Dr C Howard who, having was assigned a lease of a purpose-built apartment in Nafferton in March 2008. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Identical flats in Nafferton with 100 year plus lease were valued about £275,000. The mid-range amount of ground rent was £55 collected yearly. The lease ran out in 2102. Considering the 77 years left we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.
Last October we were phoned by Dr N Torres , who acquired a studio apartment in Nafferton in September 1999. 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 homes in Nafferton with an extended lease were in the region of £183,600. The average amount of ground rent was £65 billed quarterly. The lease expired in 2082. Having 57 years remaining we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of costs.