Nantwich leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Nantwich will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
The conveyancers that we work with undertake Nantwich lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
During the course of the last few months Noah, came seriously near to the 80-year threshold with the lease on his one bedroom apartment in Nantwich. Having purchased his flat twenty years previously, the length of the lease was of minimal bearing. As luck would have it, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Noah arranged for a lease extension just in the nick of time last May. Noah and the landlord who owned the flat above eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the figure would have become more exhorbitant by a minimum £900.
Mr and Mrs. S Smith bought a one bedroom apartment in Nantwich in October 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparative premises in Nantwich with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 collected quarterly. The lease finished on 18 April 2093. Considering the 67 years unexpired we approximated the premium to the landlord for the lease extension to be within £14,300 and £16,400 plus expenses.
Dr N Laurent was assigned a lease of a ground floor flat in Nantwich in September 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative premises in Nantwich with 100 year plus lease were in the region of £206,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease ended in 2082. Having 56 years remaining we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus professional charges.