Why you should start your Holly Village lease extension

Main reasons to commence your Holly Village lease extension today:

A Holly Village lease depreciates with the years remaining on the lease.

The closer a domestic lease in Holly Village gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in Holly Village will qualify for this right; that being said a conveyancing solicitor can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not lend with a short lease

Most high street banks are tightening their criteria and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that a number of flats in Holly Village were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Holly Village?

Lease extensions in Holly Village can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience procuring Holly Village lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holly Village Lease Extension Example Cases:

Finn, Holly Village, North London,

Finn was the the leasehold proprietor of a high value apartment in Holly Village being sold with a lease of just over sixty years outstanding. Finn on an informal basis approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and secured satisfactory deal informally and readily saleable.

Holly Village case:

In 2009 we were e-mailed by Mr and Mrs. V Miller who, having bought a ground floor flat in Holly Village in March 2010. The question was if we could approximate the premium could be to prolong the lease by ninety years. Similar homes in Holly Village with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 billed monthly. The lease ended on 19 February 2103. Taking into account 77 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.