With a long leasehold premises in Holbrook, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are less than 80 years remaining. Leasehold owners in Holbrook with a lease approaching 81 years left should seriously consider extending it sooner than later. When the lease term has less than 80 years remaining, under the current statute the freeholder is entitled to calculate and demand a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold premises in Holbrook with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Using our service will provide you enhanced control over the value of your Holbrook leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Noah was the the leasehold proprietor of a studio apartment in Holbrook on the market with a lease of a few days over 72 years outstanding. Noah on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah obtained expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.
Mr H Walker moved into a basement flat in Holbrook in January 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Holbrook with an extended lease were valued around £168,800. The mid-range ground rent payable was £60 invoiced yearly. The lease terminated on 24 November 2081. Considering the 55 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.
Last Spring we were contacted by Mr and Mrs. S Michel , who took over the lease of a newly refurbished flat in Holbrook in July 1995. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Similar premises in Holbrook with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 billed per annum. The lease expired on 26 January 2092. Given that there were 66 years remaining we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.