Chances are that where you own a flat in Holbeach you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Holbeach can be a difficult process. We recommend you secure professional help from a lawyer 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.
Ali was the the leasehold owner of a high value flat in Holbeach on the market with a lease of a few days over 72 years unexpired. Ali informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Ali to exercise his statutory right. Ali obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Last month we were called by Dr G Edwards , who owned a studio apartment in Holbeach in November 1998. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Holbeach with a long lease were worth £270,000. The average ground rent payable was £55 collected every twelve months. The lease ended on 9 February 2101. Having 75 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.
Dr Oliver Michel bought a studio flat in Holbeach in April 2000. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparable residencies in Holbeach with a long lease were valued about £168,800. The mid-range amount of ground rent was £60 collected monthly. The lease ended in 2081. Taking into account 55 years remaining we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of expenses.