Chances are that where you own a flat in Nailsworth you actually own a long leasehold interest over your property
Leasehold properties in Nailsworth with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service gives you better control over the value of your Nailsworth leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Last year Tyler, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Nailsworth. Having bought his flat 18 years ago, the lease term was of minimal concern. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Tyler was able to extend his lease at the eleventh hour in June. Tyler and the landlord who owned the flat above eventually agreed on the final figure of £5,000 . If he had missed the deadline, the sum would have escalated by a minimum £1,125.
Ms A Bonnet moved into a garden flat in Nailsworth in November 2003. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Similar homes in Nailsworth with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 billed yearly. The lease elapsed on 11 August 2100. Given that there were 76 years outstanding we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.
Mr and Mrs. L Alexander moved into a garden flat in Nailsworth in July 2007. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable homes in Nailsworth with 100 year plus lease were worth £257,800. The mid-range ground rent payable was £65 collected annually. The lease termination date was on 2 July 2089. Considering the 65 years unexpired we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of costs.