Main reasons to commence your Nettleham lease extension

Why you should start your Nettleham lease extension today:

Increase your lease and increase your Nettleham property value

Nettleham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Nettleham tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Nettleham you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Nettleham with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you want to sell your flat in Nettleham if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Nettleham lease extensions?

Irrespective of whether you are a tenant or a freeholder in Nettleham,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Nettleham valuers.

Nettleham Lease Extension Example Cases:

Dylan, Nettleham, Lincolnshire

In recent months Dylan, started to get close to the 80-year mark with the lease on his two bedroom apartment in Nettleham. Having purchased his property twenty years previously, the lease term was of no interest. Fortunately, he realised he needed to take steps soon on Extending the lease. Dylan extended the lease at the eleventh hour in July. Dylan and the freeholder via the managing agents subsequently settled on the final figure of £5,500 . If he had missed the deadline, the figure would have gone up by a minimum £900.

Nettleham case:

Dr Leo Fournier acquired a garden flat in Nettleham in June 2012. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar premises in Nettleham with an extended lease were in the region of £210,600. The average ground rent payable was £45 collected yearly. The lease came to a finish on 13 May 2088. Taking into account 62 years left we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of expenses.

Nettleham case:

Last month we were phoned by Mr E Allen , who completed a ground floor flat in Nettleham in August 2010. The question was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative residencies in Nettleham with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 invoiced annually. The lease end date was on 16 June 2099. Considering the 73 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.