Nafferton 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 becomes more expensive. It is the case that most Nafferton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Nafferton you really ought to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Nafferton flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay
It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
Lease extensions in Nafferton can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 Nafferton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alex owned a high value apartment in Nafferton being marketed with a lease of a few days over fifty eight years left. Alex on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alex to invoke his statutory right. Alex procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
In 2010 we were approached by Mrs Lauren Lefebvre who, having acquired a newly refurbished flat in Nafferton in October 1995. The question was if we could estimate the premium would be for a 90 year extension to my lease. Similar residencies in Nafferton with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 billed every twelve months. The lease end date was in 2085. Having 60 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 not including professional charges.
Last Spring we were called by Mr V Miller , who took over the lease of a purpose-built flat in Nafferton in March 2010. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparable flats in Nafferton with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease elapsed on 23 February 2096. Taking into account 71 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.