Ferring and Goring leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Ferring and Goring residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Ferring and Goring you really ought to check if your lease has between seventy and 90 years left. There are good reasons why a Ferring and Goring leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ferring and Goring can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.
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 Ferring and Goring lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kyle was the the leasehold owner of a conversion apartment in Ferring and Goring being sold with a lease of a few days over 72 years unexpired. Kyle informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.
Last year we were called by Mr Noah Young , who bought a one bedroom flat in Ferring and Goring in April 2002. We are asked if we could estimate the price could be to prolong the lease by 90 years. Similar premises in Ferring and Goring with 100 year plus lease were valued around £265,000. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated in 2099. Taking into account 73 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.
In 2010 we were contacted by Mr and Mrs. L Vincent who, having owned a garden apartment in Ferring and Goring in January 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Ferring and Goring with 100 year plus lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed annually. The lease finished in 2079. Given that there were 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 not including fees.