The only way is down when it comes to Northam lease terms. Northam flats that have a remaining term less than than eighty years will de-escalate in market price even faster, and the cost of extending your lease will go up.
Leasehold residencies in Northam with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Nationwide Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Retaining our service will provide you enhanced control over the value of your Northam leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful discussions with the landlord of her basement flat in Northam, Millie commenced the lease extension process as the 80 year mark was rapidly nearing. The lease extension was concluded in February 2012. The landlord’s fees were restricted to slightly above 500 GBP.
In 2011 we were phoned by Dr H Martin who, having acquired a garden flat in Northam in February 1998. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical residencies in Northam with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected monthly. The lease ran out in 2083. Having 57 years outstanding we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including expenses.
In 2013 we were contacted by Dr Melissa Lefèvre who, having purchased a studio apartment in Northam in May 2006. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative flats in Northam with an extended lease were worth £245,000. The mid-range ground rent payable was £50 collected yearly. The lease ran out in 2094. Taking into account 68 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.