The only way is down when it comes to Ferryhill lease terms. Ferryhill flats that have a remaining term lower than 80 years will de-escalate in value at a rapid rate, and the cost to extend your lease will increase.
It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Regardless of whether you are a tenant or a freeholder in Ferryhill,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ferryhill valuers.
Off the back of lengthy correspondence with the landlord of her garden flat in Ferryhill, Naomi started the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was finalised in May 2005. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. F Peterson completed a garden apartment in Ferryhill in March 1997. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Similar premises in Ferryhill with 100 year plus lease were in the region of £189,000. The mid-range ground rent payable was £55 collected annually. The lease expiry date was in 2077. Given that there were 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.
In 2011 we were e-mailed by Mrs Chelsea Thomas who, having owned a basement flat in Ferryhill in March 2011. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Ferryhill with a long lease were valued around £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease elapsed on 13 April 2097. Considering the 73 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.