There is no doubt about it a leasehold flat or house in Holland Park is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 100 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Holland Park will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Holland Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in this area.
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 in-depth market knowledge 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.
Off the back of protracted discussions with the freeholder of her purpose-built flat in Holland Park, Rhiannon initiated the lease extension process as the eighty year threshold was swiftly approaching. The transaction was finalised in April 2011. The landlord’s costs were negotiated to below five hundred GBP.
In 2012 we were approached by Mr and Mrs. T Rivera who, having completed a one bedroom apartment in Holland Park in November 1997. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparative flats in Holland Park with a long lease were valued about £201,200. The average amount of ground rent was £55 collected every twelve months. The lease concluded in 2082. Given that there were 56 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of legals.
An example of a Lease Extension case for a Holland Park flat 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 was in relation to 1 flat. The remaining number of years on the lease was 37.79 years.