The closer a residential lease in North Ferriby nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, over one hundred years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner as opposed to later. The majority of flat owners in North Ferriby will qualify for this right; nevertheless a conveyancing solicitor can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in North Ferriby with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in North Ferriby can be a difficult process. We recommend you obtain guidance from a lawyer 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 a wealth of experience dealing with 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.
After protracted negotiations with the landlord of her garden flat in North Ferriby, Chantelle initiated the lease extension process as the eighty year mark was rapidly advancing. The lease extension completed in May 2014. The freeholder’s fees were kept to an absolute minimum.
Last Spring we were approach by Mr and Mrs. H Watson , who moved into a garden apartment in North Ferriby in May 1996. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparable flats in North Ferriby with an extended lease were valued about £191,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2083. Taking into account 58 years remaining we estimated the compensation to the landlord to extend the lease to be within £23,800 and £27,400 not including professional charges.
Mr Joseph Moreau was assigned a lease of a basement apartment in North Ferriby in February 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical flats in North Ferriby with a long lease were worth £250,000. The average amount of ground rent was £50 invoiced monthly. The lease ended in 2094. Having 69 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.