Main reasons to start your Holbeach lease extension

Why you should commence your Holbeach lease extension today:

Increase your lease and increase your Holbeach property value

Holbeach residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and building societies are really clamping down as regards to homes in Holbeach with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the amount of potential buyers.

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

The conveyancers that we work with undertake Holbeach lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Holbeach Lease Extension Example Cases:

Alexander, Holbeach, Lincolnshire

Half a year ago Alexander, started to get close to the 80-year mark with the lease on his ground floor apartment in Holbeach. Having purchased his home 18 years ago, the unexpired term was of minimal concern. Fortunately, he recognised he needed to take steps soon on Extending the lease. Alexander was able to extend his lease just under the wire in September. Alexander and the freeholder via the management company in the end settled on an amount of £6,000 . If he failed to meet the deadline, the sum would have increased by at least £925.

Holbeach case:

Mr Eliot Jones acquired a studio apartment in Holbeach in January 2011. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Comparable flats in Holbeach with a long lease were in the region of £176,200. The average amount of ground rent was £65 collected per annum. The lease ran out in 2082. Considering the 56 years outstanding we estimated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including professional charges.

Holbeach case:

Dr W Rivera completed a garden apartment in Holbeach in April 1998. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Comparative homes in Holbeach with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 collected every twelve months. The lease ran out in 2093. Considering the 67 years left we estimated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus fees.