On the balance of probabilities where you own a flat in Ferndale you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| TSB | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Ferndale can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.
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 in-depth market knowledge procuring Ferndale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Luke, started to get close to the eighty-year mark with the lease on his garden flat in Ferndale. In buying his property twenty years ago, the unexpired term was of no significance. As luck would have it, he noticed he needed to take action soon on a lease extension. Luke was able to extend his lease just ahead of time in September. Luke and the freeholder via the management company in the end agreed on the final figure of £5,500 . If the lease had slid to less than 80 years, the figure would have increased by a minimum £1,025.
Last Summer we were phoned by Mr and Mrs. Y Collins , who acquired a ground floor flat in Ferndale in July 2002. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in Ferndale with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 collected annually. The lease end date was in 2096. Having 70 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.
Mr Callum Taylor owned a purpose-built flat in Ferndale in March 2004. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Comparative flats in Ferndale with an extended lease were in the region of £223,400. The average ground rent payable was £60 invoiced every twelve months. The lease ended on 1 April 2085. Given that there were 59 years outstanding we calculated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of legals.