Why you should commence your Holbrook lease extension

Main reasons to start your Holbrook lease extension today:

Increase your lease and increase your Holbrook property value

On the balance of probabilities where you own a flat in Holbrook you actually own a long leasehold interest over your property

Holbrook 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 unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Holbrook home.

Why use us for your lease extension in Holbrook?

Lease extensions in Holbrook can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Holbrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holbrook Lease Extension Case Summaries:

Callum, Holbrook, Suffolk

In 2014 Callum, came critically close to the eighty-year mark with the lease on his first floor flat in Holbrook. Having purchased his home 18 years previously, the lease term was of minimal concern. As luck would have it, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Callum was able to extend his lease just under the wire last April. Callum and the freeholder eventually agreed on the final figure of £5,500 . If he failed to meet the deadline, the figure would have gone up by a minimum £1,125.

Holbrook case:

In 2009 we were phoned by Dr Jasper David who, having was assigned a lease of a garden apartment in Holbrook in August 1998. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Holbrook with an extended lease were valued about £237,600. The average ground rent payable was £45 billed annually. The lease end date was in 2093. Given that there were 67 years unexpired we estimated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 not including fees.

Holbrook case:

Last Christmas we were phoned by Mr and Mrs. V Williams , who took over the lease of a studio flat in Holbrook in September 2011. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparable properties in Holbrook with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced yearly. The lease terminated on 21 October 2104. Having 78 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.