Stop! Your Lease Extension in High Holborn Could Be FREE

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Many leaseholders in High Holborn are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in High Holborn has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for High Holborn lease extension

Why you should commence your High Holborn lease extension today:

A High Holborn leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in High Holborn you actually own a long leasehold interest over your property

High Holborn property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This will be problematic when you need to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer must hold off for a couple of years before they can exercise the right to a a lease extension.

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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in High Holborn lease extensions?

Irrespective of whether you are a tenant or a freeholder in High Holborn,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with High Holborn valuers.

High Holborn Lease Extension Case Studies:

Courtney, High Holborn, North London,

Trailing lengthy negotiations with the freeholder of her one bedroom apartment in High Holborn, Courtney started the lease extension process just as the lease was approaching the all-important 80-year threshold. The lease extension was finalised in September 2011. The freeholder’s fees were negotiated to about 550 GBP.

High Holborn case:

Mrs F Wright moved into a newly refurbished apartment in High Holborn in September 2002. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical flats in High Holborn with a long lease were valued about £280,000. The mid-range ground rent payable was £45 billed quarterly. The lease expired on 11 November 2096. Taking into account 70 years left we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.

Decision in Camden

An example of a Lease Extension decision for a High Holborn residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The unexpired lease term was 66.8 years.