Main reasons to start your Ferryhill lease extension

Why you should start your Ferryhill lease extension today:

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

On the balance of probabilities where you own a flat in Ferryhill you actually own a long leasehold interest over your property

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic once you come to market or refinance your property as it will be practically unmortgageable. Even though you may not have an imminent desire to sell but when you do your buyer must hold off for two years before being able to start the legal procedures for a lease extension.

What makes us experts in Ferryhill lease extensions?

The conveyancers that we work with undertake Ferryhill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Ferryhill Lease Extension Case Summaries:

Felix, Ferryhill, County Durham

Last Summer Felix, came very near to the eighty-year mark with the lease on his one bedroom flat in Ferryhill. Having purchased his home two decades ago, the length of the lease was of minimal concern. Fortunately, he noticed he needed to take action soon on Extending the lease. Felix extended the lease just under the wire last March. Felix and the freeholder via the management company ultimately settled on the final figure of £5,000 . If he had missed the deadline, the figure would have gone up by at least £1,150.

Ferryhill case:

Last month we were e-mailed by Mr and Mrs. I Wood , who moved into a newly refurbished flat in Ferryhill in February 2003. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical residencies in Ferryhill with an extended lease were valued around £300,000. The average amount of ground rent was £50 collected annually. The lease concluded on 8 July 2101. Considering the 75 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.

Ferryhill case:

In 2013 we were approached by Mr and Mrs. A Martinez who, having completed a basement flat in Ferryhill in March 2000. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Ferryhill with an extended lease were valued around £250,400. The average ground rent payable was £65 billed per annum. The lease concluded on 21 October 2090. Given that there were 64 years remaining we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including expenses.