Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Nettleham. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Qualifying leaseholders in Nettleham have the legal entitlement to extend the lease for a further ninety years under legislation. Do give careful attention before delaying your Nettleham lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease
Leasehold properties in Nettleham with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Santander | |
| Yorkshire Building Society |
Retaining our service will provide you increased control over the value of your Nettleham leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful discussions with the landlord of her purpose-built flat in Nettleham, Erin started the lease extension process as the 80 year mark was fast advancing. The lease extension was concluded in October 2009. The landlord’s charges were kept to an absolute minimum.
Mr and Mrs. B Williams bought a first floor apartment in Nettleham in January 2008. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Identical flats in Nettleham with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 collected quarterly. The lease expired on 14 July 2092. Having 66 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.
In 2011 we were called by Dr S Peterson who, having acquired a purpose-built apartment in Nettleham in November 1998. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Nettleham with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired on 22 July 2103. Considering the 77 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus professional charges.