The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Holbrook can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Holbrook lease extension. Putting off the costs today simply increases the price you will ultimately be required to pay to extend the lease.
Leasehold properties in Holbrook with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a freeholder in Holbrook,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Holbrook valuers.
Off the back of lengthy discussions with the landlord of her ground floor flat in Holbrook, Caitlin commenced the lease extension process as the eighty year threshold was rapidly advancing. The legal work was concluded in July 2006. The landlord’s fees were negotiated to below 600 pounds.
Mr and Mrs. W King acquired a basement flat in Holbrook in August 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparable flats in Holbrook with an extended lease were in the region of £186,000. The average amount of ground rent was £65 invoiced yearly. The lease concluded in 2083. Taking into account 58 years outstanding we approximated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 not including expenses.
Mrs I Watson owned a purpose-built flat in Holbrook in July 1997. The question was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Holbrook with a long lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish on 1 August 2094. Taking into account 69 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.