On the balance of probabilities where you own a flat in Holmrook you actually own a long leasehold interest over your property
Leasehold premises in Holmrook with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service will provide you better control over the value of your Holmrook leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful correspondence with the freeholder of her two bedroom flat in Holmrook, Jodie started the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work was finalised in June 2011. The freeholder’s costs were kept to an absolute minimum.
Last Winter we were called by Dr M Leroy , who moved into a basement flat in Holmrook in June 1996. The dilemma was if we could estimate the premium could be to extend the lease by an additional years. Comparable homes in Holmrook with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 invoiced every twelve months. The lease concluded in 2089. Taking into account 64 years unexpired we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus costs.
Last Autumn we were called by Dr V Young , who was assigned a lease of a studio flat in Holmrook in October 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative homes in Holmrook with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease lapsed on 28 February 2078. Given that there were 53 years left we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of expenses.