There is no doubt about it a leasehold flat or house in Nantyglo is a wasting asset as a result of the diminishing lease term. If the residual term has, in excess of 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. Many flat owners in Nantyglo will qualify for this right; that being said a lawyer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold residencies in Nantyglo with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Santander | |
| Skipton Building Society | |
| TSB |
Lease extensions in Nantyglo can be a difficult process. We recommend you obtain professional help from a lawyer 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 a wealth of experience procuring Nantyglo lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her ground floor flat in Nantyglo, Gemma initiated the lease extension process just as the lease was nearing the all-important eighty-year mark. The transaction completed in August 2007. The landlord’s fees were kept to an absolute minimum.
In 2011 we were e-mailed by Dr R Moreau who, having was assigned a lease of a one bedroom flat in Nantyglo in April 1998. The question was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Nantyglo with a long lease were valued around £248,000. The average ground rent payable was £65 invoiced every twelve months. The lease expired on 4 September 2089. Having 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of expenses.
Last month we were approach by Mr and Mrs. H Sharif , who completed a recently refurbished apartment in Nantyglo in January 1995. We are asked if we could approximate the price could be for a 90 year lease extension. Identical premises in Nantyglo with an extended lease were in the region of £184,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease came to a finish in 2079. Considering the 53 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.