Main reasons to commence your Holland Park lease extension

Why you should commence your Holland Park lease extension today:

A Holland Park lease depreciates with the years remaining on the lease.

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

Holland Park property with a lease extension is almost the same value as a freehold

Leasehold properties in Holland Park with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Holland Park lease extensions?

Lease extensions in Holland Park can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 procuring Holland Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holland Park Lease Extension Example Cases:

Harriet, Holland Park, West London,

After protracted negotiations with the freeholder of her garden flat in Holland Park, Harriet commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction was finalised in February 2014. The landlord’s fees were kept to an absolute minimum.

Holland Park case:

In 2014 we were contacted by Ms Hollie Cox who, having was assigned a lease of a purpose-built apartment in Holland Park in August 2008. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Identical premises in Holland Park with a long lease were valued around £225,800. The average amount of ground rent was £60 collected per annum. The lease ran out in 2086. Given that there were 60 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £25,700 and £29,600 not including expenses.