Top reasons for Nayland lease extension

Why you should start your Nayland lease extension today:

A Nayland leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Nayland you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Nayland with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not finance a property on a short lease

The propensity since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Nayland lease extensions?

Lease extensions in Nayland can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.

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 Nayland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nayland Lease Extension Example Cases:

Leon, Nayland, Suffolk,

Leon owned a studio flat in Nayland being sold with a lease of a few days over 72 years remaining. Leon informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Nayland case:

Ms Y Hill purchased a garden flat in Nayland in August 1997. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Nayland with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced monthly. The lease concluded on 9 April 2076. Taking into account 50 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 not including fees.

Nayland case:

Dr N David owned a ground floor apartment in Nayland in February 2009. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical properties in Nayland with 100 year plus lease were in the region of £203,200. The mid-range amount of ground rent was £65 collected quarterly. The lease finished on 17 April 2087. Considering the 61 years outstanding we estimated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus costs.