There is no doubt about it a leasehold property in Nafferton is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 99 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Many flat owners in Nafferton will qualify for this right; that being said a conveyancing solicitor should be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Nafferton with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Nafferton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Nafferton valuers.
Two years ago Joseph, came precariously near to the eighty-year mark with the lease on his garden apartment in Nafferton. Having purchased his flat two decades ago, the length of the lease was of little bearing. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Joseph was able to extend his lease at the eleventh hour in September. Joseph and the landlord who owned the flat above in the end agreed on the final figure of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by a minimum £875.
In 2012 we were contacted by Ms F Rogers who, having was assigned a lease of a garden flat in Nafferton in February 1995. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Similar premises in Nafferton with a long lease were valued about £218,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease concluded on 4 January 2089. Taking into account 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 plus expenses.
Last Spring we were called by Dr Laura Wright , who owned a studio flat in Nafferton in May 2006. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Comparative residencies in Nafferton with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 invoiced annually. The lease expired on 15 October 2100. Given that there were 74 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.