Top reasons for Ferryside lease extension

Why you should commence your Ferryside lease extension today:

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

Ferryside leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Ferryside will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancer during the process.

Ferryside property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 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 property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This may be problematic as and when you need to market or remortgage your property as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your purchaser will need to hold off for two years before being able to exercise the right to a an extension to the lease.

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 solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ferryside valuers.

Ferryside Lease Extension Example Cases:

Connor, Ferryside, Ammanford,

Connor was the the leasehold proprietor of a high value apartment in Ferryside being sold with a lease of just over fifty eight years remaining. Connor informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Ferryside case:

Mr and Mrs. W Davies bought a one bedroom flat in Ferryside in October 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparative properties in Ferryside with a long lease were in the region of £191,400. The average amount of ground rent was £55 billed every twelve months. The lease concluded in 2080. Taking into account 54 years remaining we calculated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of costs.

Ferryside case:

Last June we were phoned by Dr Hollie Young , who bought a garden flat in Ferryside in June 2002. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Similar properties in Ferryside with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2100. Considering the 74 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.