There is no doubt about it a leasehold property in Nailsea is a wasting asset as a result of the shortening lease. Where the lease has, more than one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in Nailsea will meet the qualifying criteria; that being said a lawyer should be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Nailsea can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Nailsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Austin owned a 2 bedroom apartment in Nailsea being marketed with a lease of a little over 72 years outstanding. Austin on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord 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. Ordinarily, ground rent would not be due on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Mr and Mrs. T Gray bought a purpose-built flat in Nailsea in November 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Nailsea with a long lease were in the region of £225,800. The average amount of ground rent was £60 invoiced annually. The lease finished in 2085. Given that there were 60 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £25,700 and £29,600 not including expenses.
In 2012 we were phoned by Mr and Mrs. J Rogers who, having was assigned a lease of a garden flat in Nailsea in June 1999. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Identical homes in Nailsea with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed monthly. The lease concluded in 2105. Having 80 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.