The market value of North Ferriby 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 escalate substantially once the remaining term is less than 80 years
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in North Ferriby can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 procuring North Ferriby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ryan was the the leasehold owner of a high value flat in North Ferriby on the market with a lease of fraction over sixty years left. Ryan on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ryan to invoke his statutory right. Ryan obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
Last August we were contacted by Mrs Rebecca Watson , who owned a ground floor apartment in North Ferriby in March 2000. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar properties in North Ferriby with a long lease were in the region of £173,800. The mid-range amount of ground rent was £60 collected quarterly. The lease lapsed in 2080. Taking into account 55 years left we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.
In 2012 we were contacted by Mr and Mrs. T Jones who, having purchased a purpose-built flat in North Ferriby in August 1998. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable residencies in North Ferriby with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed per annum. The lease end date was in 2091. Having 66 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including costs.