As the length of the unexpired term of a Nailsworth residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Nailsworth will meet the qualifying criteria; nevertheless a lawyer will be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Nailsworth with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society |
Retaining our service gives you better control over the value of your Nailsworth leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Joshua, started to get near to the eighty-year threshold with the lease on his purpose- built apartment in Nailsworth. In buying his property twenty years previously, the lease term was of little bearing. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Joshua arranged for a lease extension just in the nick of time last August. Joshua and the freeholder via the managing agents in the end agreed on the final figure of £6,000 . If the lease had slid lower than eighty years, the sum would have gone up by at least £1,150.
Last Summer we were called by Mr and Mrs. O Campbell , who acquired a garden apartment in Nailsworth in October 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable properties in Nailsworth with a long lease were valued around £300,000. The average amount of ground rent was £50 collected monthly. The lease concluded on 14 October 2102. Taking into account 76 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.
In 2010 we were contacted by Mr and Mrs. G Garcia who, having took over the lease of a one bedroom flat in Nailsworth in August 2006. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable flats in Nailsworth with a long lease were in the region of £257,800. The average amount of ground rent was £65 billed quarterly. The lease terminated on 21 October 2091. Taking into account 65 years remaining we estimated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 plus costs.