It’s an underpublicised truth that a Ferring residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Ferring property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term drops under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Ferring will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| The Mortgage Works |
Lease extensions in Ferring can be a difficult process. We recommend you secure professional help from a lawyer 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 Ferring lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Theo, came very close to the 80-year threshold with the lease on his ground floor apartment in Ferring. Having bought his property two decades ago, the lease term was of little relevance. Luckily, he noticed he needed to take action soon on a lease extension. Theo was able to extend his lease just ahead of time last July. Theo and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If he not met the deadline, the price would have become more costly by at least £1,150.
Last Summer we were called by Mr and Mrs. R Howard , who was assigned a lease of a one bedroom apartment in Ferring in October 2007. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar premises in Ferring with an extended lease were in the region of £237,600. The average ground rent payable was £45 billed per annum. The lease came to a finish on 4 February 2093. Having 67 years remaining we approximated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including expenses.
Dr Mollie Martin moved into a ground floor apartment in Ferring in May 2003. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparative properties in Ferring with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 billed quarterly. The lease finished on 16 June 2104. Considering the 78 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.