Why you should start your Holland Park lease extension

Why you should start your Holland Park lease extension today:

Increase your lease and increase your Holland Park property value

The nearer a domestic lease in Holland Park nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty 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 main rational as to why you should consider extending without delay. The majority of flat owners in Holland Park will qualify for this right; nevertheless a conveyancing solicitor should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Lenders do not grant a mortgage on short residential leases. You most probably experience problems where you need to sell your flat in Holland Park if the remaining lease term is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Holland Park lease extensions?

Lease extensions in Holland Park can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in lease extensions.

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 dealing with 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:

Sarah, Holland Park, West London,

Trailing unsuccessful discussions with the freeholder of her ground floor flat in Holland Park, Sarah initiated the lease extension process just as the lease was nearing the all-important eighty-year mark. The legal work completed in September 2013. The landlord’s costs were restricted to below 600 pounds.

Holland Park case:

Last Christmas we were contacted by Dr Elijah Wood , who was assigned a lease of a one bedroom flat in Holland Park in July 1996. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable flats in Holland Park with 100 year plus lease were valued about £270,000. The average amount of ground rent was £65 billed every twelve months. The lease ended on 24 August 2094. Considering the 68 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.