Why you should start your Holmrook lease extension

Main reasons to commence your Holmrook lease extension today:

Increase your lease and increase your Holmrook property value

The closer a residential lease in Holmrook gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years to run then this decrease may be fractional however there will become a stage when a lease has under 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 main logic behind why you should consider extending without delay. The majority of flat owners in Holmrook will qualify for this right; that being said a lawyer should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Holmrook property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be unacceptable security.

What makes us experts in Holmrook lease extensions?

Regardless of whether you are a tenant or a freeholder in Holmrook,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 Holmrook valuers.

Holmrook Lease Extension Example Cases:

Gemma, Holmrook, Cumbria,

In the wake of 6 months of protracted correspondence with the landlord of her two bedroom flat in Holmrook, Gemma commenced the lease extension process as the eighty year mark was rapidly approaching. The legal work was concluded in July 2011. The freeholder’s costs were negotiated to approximately 600 GBP.

Holmrook case:

In 2011 we were e-mailed by Mr and Mrs. W Simon who, having took over the lease of a purpose-built apartment in Holmrook in September 2002. The dilemma was if we could estimate the price could be for a ninety year lease extension. Identical premises in Holmrook with an extended lease were in the region of £179,200. The mid-range ground rent payable was £55 collected yearly. The lease termination date was in 2077. Considering the 51 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of expenses.

Holmrook case:

Dr U García owned a one bedroom flat in Holmrook in November 2012. The question was if we could estimate the premium would be for a ninety year lease extension. Comparable premises in Holmrook with an extended lease were in the region of £285,000. The average ground rent payable was £45 billed quarterly. The lease expiry date was in 2097. Given that there were 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.