When it comes to residential leasehold property in Nantwich, you are actually buying a right to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than 80 years remaining. Leasehold owners in Nantwich with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has below 80 years left, under the relevant statute the freeholder is entitled to calculate and charge a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society |
Lease extensions in Nantwich can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer 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 dealing with Nantwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex was the the leasehold owner of a studio flat in Nantwich on the market with a lease of a little over fifty eight years outstanding. Alex informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Alex to exercise his statutory right. Alex procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Autumn we were approach by Mrs I Ricardo , who took over the lease of a one bedroom apartment in Nantwich in September 2001. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative homes in Nantwich with an extended lease were valued around £243,000. The average ground rent payable was £65 invoiced monthly. The lease elapsed on 24 June 2089. Taking into account 63 years remaining we approximated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus fees.
Last Autumn we were e-mailed by Ms R Wood , who acquired a one bedroom flat in Nantwich in June 2012. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical flats in Nantwich with a long lease were valued about £181,600. The average ground rent payable was £55 collected per annum. The lease finished on 1 July 2078. Having 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.