Ferring and Goring leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Ferring and Goring will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed timetables and steps to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.
It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Ferring and Goring,the lease extension lawyers that we work with will always be prepared 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.
Dexter was the the leasehold owner of a high value apartment in Ferring and Goring being marketed with a lease of fraction over 59 years remaining. Dexter informally spoke with his freeholder a well known local-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 to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Mr and Mrs. M Morgan took over the lease of a garden flat in Ferring and Goring in August 2012. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparative properties in Ferring and Goring with an extended lease were worth £290,000. The average ground rent payable was £55 invoiced every twelve months. The lease elapsed on 11 June 2106. Considering the 80 years outstanding we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.
Mr Kyle Morel purchased a one bedroom apartment in Ferring and Goring in January 2012. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar homes in Ferring and Goring with a long lease were in the region of £200,800. The average amount of ground rent was £65 billed annually. The lease lapsed in 2086. Taking into account 60 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of professional charges.