The only way is down when it comes to High Holborn lease terms. High Holborn properties that have a lease term fewer than 80 years will de-escalate in market price even faster, and the cost of extending your lease will increase.
Leasehold residencies in High Holborn with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Retaining our service will provide you better control over the value of your High Holborn leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Tommy owned a studio apartment in High Holborn on the market with a lease of a few days over sixty years outstanding. Tommy informally approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Tommy to exercise his statutory right. Tommy obtained expert advice and secured satisfactory resolution without going to tribunal and sell the flat.
In 2009 we were called by Dr Chantelle Nelson who, having was assigned a lease of a ground floor apartment in High Holborn in April 2001. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar premises in High Holborn with an extended lease were worth £300,000. The average amount of ground rent was £50 billed quarterly. The lease lapsed on 20 August 2101. Taking into account 75 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.
An example of a Lease Extension matter before the tribunal for a High Holborn premises 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 term as at the valuation date was 66.8 years.