Top reasons for Ferryside lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ferryside property value

The market value of Ferryside leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Ferryside with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems if you want to sell your flat in Ferryside if the unexpired term of your lease is below the criteria set by most lenders. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Ferryside lease extensions?

Lease extensions in Ferryside can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 dealing with Ferryside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ferryside Lease Extension Example Cases:

Nathan, Ferryside, Ammanford

In 2014 Nathan, came very close to the 80-year mark with the lease on his ground floor flat in Ferryside. Having purchased his flat two decades ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he would soon be paying way over the odds for Extending the lease. Nathan arranged for a lease extension just in the nick of time last August. Nathan and the landlord subsequently agreed on an amount of £5,500 . If the lease had slipped lower than 80 years, the sum would have increased by a minimum £850.

Ferryside case:

Dr Reuben Baker moved into a one bedroom flat in Ferryside in May 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Ferryside with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed quarterly. The lease elapsed on 22 August 2099. Taking into account 73 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.

Ferryside case:

Dr Jake Miller moved into a garden apartment in Ferryside in April 2004. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative flats in Ferryside with a long lease were worth £240,600. The mid-range ground rent payable was £65 invoiced monthly. The lease elapsed on 16 November 2088. Having 62 years remaining we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.