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Top reasons for Holland Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Holland Park property value

The value of Holland Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than 80 years

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

Lenders are really clamping down as regards to properties in Holland Park with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society 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.
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

What makes us experts in Holland Park lease extensions?

Retaining our service gives you better control over the value of your Holland Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Holland Park Lease Extension Case Summaries:

Anna, Holland Park, West London,

In the wake of eight months of unsuccessful correspondence with the freeholder of her first floor flat in Holland Park, Anna started the lease extension process just as the lease was nearing the all-important 80-year deadline. The lease extension was finalised in May 2007. The freeholder’s costs were restricted to less than 700 pounds.

Holland Park case:

Mr and Mrs. E Moore was assigned a lease of a first floor flat in Holland Park in August 1999. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical flats in Holland Park with 100 year plus lease were worth £181,600. The average ground rent payable was £55 billed annually. The lease ended on 2 November 2076. Taking into account 52 years left we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The unexpired residue of the current lease was 37.79 years.