The only way is down when it comes to Nuneaton lease terms. Nuneaton properties that have a lease term fewer than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will rise.
Leasehold residencies in Nuneaton with over 100 years left 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 buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Retaining our service will provide you increased control over the value of your Nuneaton leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful correspondence with the landlord of her first floor apartment in Nuneaton, Maisie started the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction was finalised in August 2008. The freeholder’s fees were kept to an absolute minimum.
Last April we were approach by Ms Jodie Petit , who took over the lease of a basement flat in Nuneaton in August 2003. The dilemma was if we could estimate the price would be for a 90 year lease extension. Identical homes in Nuneaton with a long lease were valued about £193,400. The average amount of ground rent was £65 collected monthly. The lease termination date was on 11 August 2085. Given that there were 59 years remaining we calculated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus professional charges.
In 2014 we were called by Ms Tia Nelson who, having bought a purpose-built apartment in Nuneaton in May 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparable residencies in Nuneaton with a long lease were worth £250,000. The average amount of ground rent was £50 invoiced monthly. The lease expiry date was on 27 October 2096. Having 70 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.