Chances are that if you own a flat in Holland Park you actually own a long leasehold interest over your property
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Irrespective of whether you are a tenant or a landlord in Holland Park,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Holland Park valuers.
In 2014 Kian, started to get near to the eighty-year threshold with the lease on his garden apartment in Holland Park. In buying his home twenty years previously, the length of the lease was of minimal significance. Fortunately, he noticed he needed to take action soon on a lease extension. Kian was able to extend his lease just under the wire last June. Kian and the freeholder via the management company in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the sum would have escalated by a minimum £1,050.
Mr and Mrs. A Allen acquired a garden flat in Holland Park in March 1999. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative homes in Holland Park with a long lease were valued around £267,600. The average ground rent payable was £65 billed per annum. The lease expired in 2093. Given that there were 67 years outstanding we estimated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of expenses.
An example of a Lease Extension case for a Holland Park residence 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 number of years remaining on the existing lease(s) was 37.79 years.