Why you should start your North Ferriby lease extension

Top reasons for lease extension now:

A North Ferriby lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in North Ferriby you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in North Ferriby with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as insufficient security.

Why use us for your lease extension in North Ferriby?

Regardless of whether you are a tenant or a landlord in North Ferriby,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with North Ferriby valuers.

North Ferriby Lease Extension Case Studies:

Tyler, North Ferriby, East Yorkshire,

Tyler was the the leasehold proprietor of a 2 bedroom apartment in North Ferriby being sold with a lease of just over sixty years remaining. Tyler on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Tyler to invoke his statutory right. Tyler procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.

North Ferriby case:

In 2013 we were approached by Dr Omar García who, having was assigned a lease of a basement flat in North Ferriby in June 1999. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar homes in North Ferriby with a long lease were valued about £193,400. The average amount of ground rent was £65 collected yearly. The lease lapsed on 20 July 2084. Considering the 59 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 plus fees.

North Ferriby case:

Mr and Mrs. G Wright purchased a studio flat in North Ferriby in August 2003. The question was if we could approximate the price could be to extend the lease by an additional years. Identical residencies in North Ferriby with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed in 2095. Considering the 70 years left we approximated the premium to the landlord to extend the lease to be within £10,500 and £12,000 plus fees.