Holland Park leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Holland Park will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has started so it’s sensible to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service gives you enhanced control over the value of your Holland Park leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 9 months of protracted correspondence with the freeholder of her two bedroom apartment in Holland Park, Anna commenced the lease extension process as the 80 year threshold was swiftly coming. The legal work was finalised in March 2013. The landlord’s charges were negotiated to a tad over 550 GBP.
Dr Y White acquired a one bedroom flat in Holland Park in February 1998. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative premises in Holland Park with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected monthly. The lease elapsed on 22 March 2104. Considering the 78 years outstanding we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.
An example of a Lease Extension case for a Holland Park property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term was 37.79 years.