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Top reasons for Holland Park lease extension

Why you should commence your Holland Park lease extension today:

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

The value of Holland Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably experience problems where you want to sell your flat in Holland Park if the unexpired lease term is less than the criteria set by the majority of lenders. Different lenders have different criteria but on the whole they are looking for an unexpired term of at least 65 years.

Lender Requirement
Chelsea 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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

What makes us experts in Holland Park lease extensions?

The conveyancers that we work with undertake 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 lawyer we work with provide it.

Holland Park Lease Extension Case Studies:

Oliver, Holland Park, West London

Last Winter Oliver, started to get near to the 80-year threshold with the lease on his studio flat in Holland Park. Having bought his flat two decades ago, the unexpired term was of little relevance. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Oliver was able to extend his lease just under the wire last January. Oliver and the freeholder ultimately agreed on sum of £5,500 . If the lease had gone to less than 80 years, the figure would have increased by a minimum £950.

Holland Park case:

Last Autumn we were called by Dr T Lewis , who purchased a recently refurbished flat in Holland Park in March 2011. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparable residencies in Holland Park with a long lease were worth £275,000. The average amount of ground rent was £65 collected per annum. The lease expired on 26 August 2093. Having 68 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including costs.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The unexpired term as at the valuation date was 37.79 years.