Top reasons for Ferryside lease extension

Main reasons to start your Ferryside lease extension today:

A Ferryside lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Ferryside residential lease lessens so does its value and therefore the value of your property. If the lease has, more than 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Ferryside will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Ferryside property with a lease extension 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 further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Ferryside if the remaining lease term is below the criteria set by the majority of mortgage companies. Different lenders have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

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

Using our service will provide you better control over the value of your Ferryside leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ferryside Lease Extension Example Cases:

Lily, Ferryside, Ammanford,

Off the back of lengthy discussions with the landlord of her purpose-built flat in Ferryside, Lily started the lease extension process just as the lease was coming close to the critical 80-year deadline. The legal work completed in August 2005. The freeholder’s charges were restricted to less than 550 GBP.

Ferryside case:

Last April we were approach by Mr and Mrs. E Allen , who purchased a one bedroom apartment in Ferryside in April 1999. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical flats in Ferryside with 100 year plus lease were worth £171,800. The average ground rent payable was £55 invoiced annually. The lease ran out on 22 November 2076. Given that there were 50 years unexpired we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of legals.

Ferryside case:

In 2011 we were phoned by Mrs Katherine Simon who, having acquired a purpose-built apartment in Ferryside in January 1996. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Similar properties in Ferryside with a long lease were worth £280,000. The average ground rent payable was £45 invoiced yearly. The lease lapsed on 21 January 2096. Taking into account 70 years left we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.