Nailsworth leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Nailsworth enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Nailsworth you must check if your lease has between 70 and ninety years remaining. There are good reasons why a Nailsworth flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is put in place without delay
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
|Accord Mortgages||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
|Birmingham Midshires||Minimum 70 years from the date of the mortgage.|
|Chelsea Building Society||85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.|
|Halifax||Minimum 70 years from the date of the mortgage.|
|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 Nailsworth can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Nailsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Austin, came very close to the 80-year threshold with the lease on his studio flat in Nailsworth. Having purchased his home two decades ago, the length of the lease was of minimal concern. As luck would have it, he became aware that he would imminently be paying an inflated amount for a lease extension. Austin arranged for a lease extension just under the wire in January. Austin and the landlord who owned the flat above in the end agreed on sum of £5,500 . If the lease had dropped lower than eighty years, the amount would have gone up by at least £975.
Mrs M Norbert bought a first floor apartment in Nailsworth in January 2010. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable flats in Nailsworth with a long lease were valued around £200,000. The average amount of ground rent was £50 invoiced every twelve months. The lease lapsed on 27 April 2099. Given that there were 77 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
In 2014 we were contacted by Mr and Mrs. V Torres who, having purchased a studio flat in Nailsworth in August 2008. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable flats in Nailsworth with 100 year plus lease were valued around £265,200. The average ground rent payable was £65 collected monthly. The lease terminated in 2088. Having 66 years left we calculated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including expenses.