When it comes to long leasehold property in Holland Park, you are actually purchasing a right to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive especially when there are less than 80 years left. Anyone in Holland Park with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. Once a lease has under 80 years outstanding, under the current statute the landlord is entitled to calculate and charge a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Holland Park can be a difficult process. We recommend you secure 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 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.
14 months ago Jonathan, started to get near to the eighty-year mark with the lease on his leasehold flat in Holland Park. In buying his property two decades ago, the lease term was of little interest. Fortunately, it dawned on him that he would soon be paying an escalated premium for a lease extension. Jonathan arranged for a lease extension just under the wire in May. Jonathan and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he not met the deadline, the sum would have become more exhorbitant by a minimum £1,000.
In 2013 we were approached by Mr and Mrs. B Morgan who, having completed a garden flat in Holland Park in June 2005. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Identical homes in Holland Park with an extended lease were worth £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease lapsed in 2078. Having 52 years left we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus fees.
An example of a Lease Extension matter before the tribunal for a Holland Park property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The remaining number of years on the lease was 37.79 years.