With a domestic leasehold premises in Ferryhill, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than 80 years remaining. Leasehold owners in Ferryhill with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. Once a lease has below 80 years remaining, under the current statute the landlord is entitled to calculate and demand a larger premium, assessed on a technical multiplication, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Santander | |
| TSB | |
| Virgin |
Lease extensions in Ferryhill can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 a wealth of experience procuring Ferryhill 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 Matthew, came perilously near to the eighty-year mark with the lease on his ground floor apartment in Ferryhill. In buying his home 19 years previously, the unexpired term was of little significance. Thankfully, he realised he would soon be paying an escalated premium for a lease extension. Matthew was able to extend his lease just under the wire last March. Matthew and the landlord who owned the flat above in the end settled on an amount of £6,000 . If the lease had gone lower than eighty years, the figure would have increased by at least £925.
Mr and Mrs. N Sharif bought a one bedroom apartment in Ferryhill in June 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Ferryhill with 100 year plus lease were valued about £205,000. The mid-range amount of ground rent was £50 collected monthly. The lease finished on 18 June 2105. Taking into account 79 years remaining we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.
In 2011 we were called by Mr and Mrs. I Ward who, having moved into a studio flat in Ferryhill in March 2005. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical premises in Ferryhill with 100 year plus lease were valued about £275,000. The mid-range amount of ground rent was £65 billed per annum. The lease concluded in 2094. Having 68 years remaining we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.