Top reasons for North Ferriby lease extension

Main reasons to commence your North Ferriby lease extension today:

Increase your lease and increase your North Ferriby property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in North Ferriby. Clearly, the period of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in North Ferriby have the right to extend the lease for a further ninety years under statute. Please give careful consideration before putting off your North Ferriby lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly 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 many years ahead.

Lenders will not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This may cause difficulties once you need to sell or refinance your flat as it will be practically unmortgageable. Even though you might have no immediate desire to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in North Ferriby lease extensions?

Irrespective of whether you are a tenant or a freeholder in North Ferriby,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 experience and the close ties they enjoy with North Ferriby valuers.

North Ferriby Lease Extension Case Studies:

Liam, North Ferriby, East Yorkshire,

Liam was the the leasehold owner of a studio apartment in North Ferriby being sold with a lease of just over sixty years unexpired. Liam informally spoke with his freeholder 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 an increased rent to £100 yearly. No ground rent would be due on a lease extension were Liam to invoke his statutory right. Liam obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

North Ferriby case:

In 2011 we were e-mailed by Dr Y Miller who, having completed a purpose-built apartment in North Ferriby in November 2010. The question was if we could approximate the price would be for a ninety year lease extension. Identical homes in North Ferriby with 100 year plus lease were in the region of £218,000. The mid-range ground rent payable was £45 collected annually. The lease expiry date was on 27 July 2089. Taking into account 63 years left we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including professional charges.

North Ferriby case:

Dr L Scott completed a first floor apartment in North Ferriby in November 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar homes in North Ferriby with a long lease were valued about £265,000. The mid-range ground rent payable was £50 billed annually. The lease end date was in 2100. Considering the 74 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.