There is no doubt about it a leasehold property in North Ferriby is a wasting asset as a result of the diminishing lease term. If the lease has, beyond 99 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner as opposed to later. The majority of flat owners in North Ferriby will qualify for this right; however a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works |
Engaging our service gives you better control over the value of your North Ferriby leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Oscar was the the leasehold proprietor of a high value flat in North Ferriby on the market with a lease of just over 72 years unexpired. Oscar informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oscar to invoke his statutory right. Oscar procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
Mr and Mrs. F Brooks moved into a studio apartment in North Ferriby in January 1999. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparable properties in North Ferriby with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease came to a finish in 2101. Taking into account 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.
Last Summer we were phoned by Mr and Mrs. W Dupont , who took over the lease of a purpose-built apartment in North Ferriby in January 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative flats in North Ferriby with a long lease were worth £168,800. The mid-range amount of ground rent was £60 collected every twelve months. The lease expiry date was on 18 October 2081. Given that there were 55 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.