Why you should start your Ferryhill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ferryhill property value

Ferryhill leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher premium will be due. Leasehold owners in Ferryhill will usually qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict deadlines and steps to follow once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not lend on a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be conscious that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Ferryhill lease extensions?

The conveyancing solicitors that we work with undertake Ferryhill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Ferryhill Lease Extension Case Summaries:

Adam, Ferryhill, County Durham

Last Christmas Adam, started to get near to the eighty-year mark with the lease on his two bedroom flat in Ferryhill. In buying his home twenty years previously, the unexpired term was of minimal bearing. by good luck, it dawned on him that he would soon be paying way over the odds for Extending the lease. Adam extended the lease just under the wire in August. Adam and the freeholder subsequently settled on sum of £5,000 . If the lease had slipped to less than 80 years, the premium would have increased by at least £1,150.

Ferryhill case:

Mr and Mrs. N Laurent purchased a studio flat in Ferryhill in October 1999. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Identical homes in Ferryhill with a long lease were in the region of £250,400. The average ground rent payable was £65 collected yearly. The lease end date was on 21 June 2090. Having 64 years outstanding we approximated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 plus professional charges.

Ferryhill case:

Mr Evan Cook completed a studio apartment in Ferryhill in November 2008. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar residencies in Ferryhill with a long lease were in the region of £189,000. The average amount of ground rent was £55 billed annually. The lease expired on 11 July 2079. Having 53 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus costs.