Ferring and Goring leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in Ferring and Goring will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Ferring and Goring with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Regardless of whether you are a tenant or a landlord in Ferring and Goring,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ferring and Goring valuers.
Luca was the the leasehold proprietor of a high value apartment in Ferring and Goring on the market with a lease of fraction over 59 years outstanding. Luca on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Luca to invoke his statutory right. Luca procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.
Mr and Mrs. L Green owned a garden apartment in Ferring and Goring in September 1999. The dilemma was if we could approximate the price would likely be to prolong the lease by a further 90 years. Similar flats in Ferring and Goring with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 collected monthly. The lease terminated in 2091. Given that there were 66 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.
In 2009 we were e-mailed by Dr F Dupont who, having completed a purpose-built flat in Ferring and Goring in May 2004. The dilemma was if we could estimate the price could be to prolong the lease by a further 90 years. Identical homes in Ferring and Goring with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 collected annually. The lease lapsed in 2102. Taking into account 77 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.