When it comes to long leasehold property in Nantwich, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Leasehold owners in Nantwich with a lease nearing 81 years remaining should seriously consider extending it as soon as possible. Once a lease has below eighty years outstanding, under the relevant statute the landlord can calculate and levy a greater amount, based on a technical computation, known as “marriage value” which is payable.
Leasehold properties in Nantwich with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society |
Retaining our service gives you increased control over the value of your Nantwich leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her purpose-built flat in Nantwich, Lydia commenced the lease extension process as the 80 year deadline was fast approaching. The lease extension was concluded in November 2005. The landlord’s costs were kept to an absolute minimum.
In 2014 we were called by Mr and Mrs. W Garcia who, having purchased a one bedroom flat in Nantwich in July 2000. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparative flats in Nantwich with an extended lease were in the region of £198,800. The average amount of ground rent was £55 invoiced quarterly. The lease ended in 2081. Considering the 55 years remaining we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of fees.
In 2009 we were approached by Dr N Smith who, having was assigned a lease of a first floor flat in Nantwich in October 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Nantwich with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed yearly. The lease ended in 2101. Given that there were 75 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.