Why you should start your Holland Park lease extension

Main reasons to commence your Holland Park lease extension today:

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

There is no doubt about it a leasehold property in Holland Park is a wasting asset as a result of the shortening lease. If the lease has, over 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years left 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 logic behind why you should extend the lease without delay. The majority of flat owners in Holland Park will meet the qualifying criteria; nevertheless a conveyancer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Holland Park with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic when you come to sell or refinance your flat as it will be practically unmortgageable. Even though you may not have an immediate intention to sell but when you do your buyer will have to hold off for a couple of years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Holland Park?

The conveyancers that we work with handle Holland Park 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.

Holland Park Lease Extension Case Studies:

Jessica, Holland Park, West London,

Trailing unsuccessful discussions with the freeholder of her purpose-built apartment in Holland Park, Jessica initiated the lease extension process as the eighty year threshold was rapidly nearing. The legal work was concluded in September 2011. The freeholder’s charges were restricted to under 700 pounds.

Holland Park case:

Mr and Mrs. L François purchased a purpose-built flat in Holland Park in April 2007. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Identical residencies in Holland Park with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 collected per annum. The lease came to a finish in 2090. Considering the 64 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus professional charges.