Stop! Your Lease Extension in Ferring and Goring Could Be FREE

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Many leaseholders in Ferring and Goring are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Ferring and Goring has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Ferring and Goring lease extension

Why you should start your Ferring and Goring lease extension today:

Increase your lease and increase your Ferring and Goring property value

Unfortunately that a Ferring and Goring residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Ferring and Goring property prices.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining falls below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Ferring and Goring will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold premises in Ferring and Goring with over one hundred years outstanding 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage lenders have constrained 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 below seventy years as they are regarded as insufficient security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Ferring and Goring lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Ferring and Goring,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ferring and Goring valuers.

Ferring and Goring Lease Extension Example Cases:

Caitlin, Ferring and Goring, West Sussex,

After unsuccessful negotiations with the freeholder of her one bedroom apartment in Ferring and Goring, Caitlin initiated the lease extension process as the 80 year deadline was rapidly advancing. The lease extension was finalised in November 2013. The landlord’s fees were restricted to approximately four hundred GBP.

Ferring and Goring case:

Last Christmas we were contacted by Mr and Mrs. B Cook , who owned a one bedroom flat in Ferring and Goring in February 2012. The question was if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Similar homes in Ferring and Goring with a long lease were valued around £208,200. The average ground rent payable was £65 collected per annum. The lease concluded in 2087. Having 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 plus fees.

Ferring and Goring case:

Mrs Tia Jones owned a ground floor flat in Ferring and Goring in May 2010. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical residencies in Ferring and Goring with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out in 2098. Taking into account 72 years remaining we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.