Main reasons to start your Ferryside lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ferryside property value

For anyone whose Ferryside home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Ferryside with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Ferryside were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Ferryside lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Ferryside,the lease extension experts 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 Ferryside valuers.

Ferryside Lease Extension Case Summaries:

Amber, Ferryside, Ammanford,

After protracted negotiations with the landlord of her garden flat in Ferryside, Amber initiated the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was concluded in January 2013. The landlord’s fees were kept to an absolute minimum.

Ferryside case:

In 2010 we were e-mailed by Mrs A Bell who, having completed a studio apartment in Ferryside in November 1995. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparable premises in Ferryside with a long lease were valued about £257,800. The average ground rent payable was £65 billed quarterly. The lease ended in 2091. Given that there were 65 years outstanding we approximated the premium to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of professional charges.

Ferryside case:

Dr D Martinez purchased a one bedroom flat in Ferryside in January 2011. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparable properties in Ferryside with a long lease were valued around £191,400. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish in 2080. Given that there were 54 years outstanding we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of fees.