Top reasons for High Holborn lease extension

Main reasons to start your High Holborn lease extension today:

Increase your lease and increase your High Holborn property value

High Holborn leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Flat owners in High Holborn will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Given that many flats in High Holborn were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

What makes us experts in High Holborn lease extensions?

Engaging our service will provide you better control over the value of your High Holborn leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

High Holborn Lease Extension Example Cases:

Jasper, High Holborn, North London

Last October Jasper, started to get near to the 80-year mark with the lease on his purpose- built apartment in High Holborn. Having bought his flat two decades ago, the unexpired term was of little interest. by good luck, he recognised he would imminently be paying an escalated premium for a lease extension. Jasper extended the lease at the eleventh hour in June. Jasper and the freeholder via the managing agents ultimately settled on the final figure of £6,000 . If the lease had slipped to less than 80 years, the figure would have become more costly by a minimum £1,150.

High Holborn case:

Last year we were phoned by Dr Benjamin Johnson , who completed a purpose-built apartment in High Holborn in November 1996. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical homes in High Holborn with an extended lease were in the region of £248,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease finished in 2089. Given that there were 63 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 exclusive of legals.