Stop! Your Lease Extension in Holbeach Could Be FREE

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Many leaseholders in Holbeach 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 Holbeach 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.

Main reasons to commence your Holbeach lease extension

Main reasons to commence your Holbeach lease extension today:

A Holbeach leasehold property depreciates with the years remaining on the lease.

The market value of Holbeach leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property with a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so where they are not able to get a mortgage, then the market price of your property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.

Get in touch with one of our Holbeach lease extension solicitors or enfranchisement solicitors

Lease extensions in Holbeach can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Holbeach lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holbeach Lease Extension Case Summaries:

Alicia, Holbeach, Lincolnshire,

After protracted correspondence with the freeholder of her basement flat in Holbeach, Alicia started the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in January 2014. The landlord’s costs were restricted to slightly above 550 pounds.

Holbeach case:

In 2014 we were e-mailed by Mr and Mrs. N Collins who, having owned a one bedroom flat in Holbeach in March 1996. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparable properties in Holbeach with a long lease were valued around £203,200. The average amount of ground rent was £65 billed yearly. The lease ended on 6 April 2087. Having 61 years remaining we calculated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 plus legals.

Holbeach case:

Mr and Mrs. D Miller took over the lease of a basement apartment in Holbeach in July 2010. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar properties in Holbeach with 100 year plus lease were in the region of £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded in 2098. Taking into account 72 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.