Top reasons for Nailsea lease extension

Why you should commence your Nailsea lease extension today:

A Nailsea lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Nailsea you actually own a long leasehold interest over your property

Nailsea property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Nailsea with more than one hundred 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 reversionary interest unless savings on ground rent and service charges justify it.

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

Lenders do not like short residential leases. You are likely to experience problems if you want to sell your flat in Nailsea if the unexpired lease term is under the criteria set by most lenders. Different lenders have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

Get in touch with one of our Nailsea lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Nailsea,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Nailsea valuers.

Nailsea Lease Extension Case Summaries:

Finn, Nailsea, North Somerset

In 2014 Finn, came seriously close to the eighty-year threshold with the lease on his ground floor apartment in Nailsea. Having bought his flat twenty years ago, the unexpired term was of little importance. Fortunately, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Finn arranged for a lease extension just under the wire last April. Finn and the freeholder eventually settled on an amount of £5,500 . If the lease had dipped to less than 80 years, the sum would have become more costly by at least £850.

Nailsea case:

In 2011 we were called by Dr Elijah Robinson who, having moved into a basement apartment in Nailsea in February 2008. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable properties in Nailsea with 100 year plus lease were valued around £198,800. The average ground rent payable was £55 collected annually. The lease came to a finish in 2081. Given that there were 55 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 not including expenses.

Nailsea case:

Last Summer we were approach by Mr and Mrs. R Cooper , who was assigned a lease of a ground floor flat in Nailsea in January 2008. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Similar homes in Nailsea with a long lease were valued around £295,000. The average ground rent payable was £50 billed per annum. The lease terminated on 21 January 2101. Taking into account 75 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus costs.