Why you should commence your Holly Village lease extension

Main reasons to commence your Holly Village lease extension today:

Increase your lease and increase your Holly Village property value

The re-sale value of a leasehold property in Holly Village depends on how many years the lease has remaining. If it is close to or fewer than 80 years you should envisage difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years to run so that formalities can be finalised prior to the eighty year cut off point. Leasehold Reform legislation entitles Holly Village qualifying lessees to obtain a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Holly Village with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to properties in Holly Village with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the number of potential buyers.

What makes us experts in Holly Village lease extensions?

Lease extensions in Holly Village can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Case Studies:

Lucas, Holly Village, North London

Last year Lucas, started to get near to the 80-year threshold with the lease on his basement apartment in Holly Village. In buying his property twenty years ago, the lease term was of little interest. Fortunately, he became aware that he would soon be paying way over the odds for a lease extension. Lucas was able to extend his lease just ahead of time in July. Lucas and the freeholder subsequently settled on sum of £6,000 . If the lease had descended lower than eighty years, the figure would have escalated by at least £1,125.

Holly Village case:

Dr S Moore owned a studio apartment in Holly Village in May 2001. We are asked if we could estimate the price could be to extend the lease by ninety years. Identical homes in Holly Village with 100 year plus lease were valued about £257,800. The average amount of ground rent was £65 collected every twelve months. The lease came to a finish on 9 June 2091. Given that there were 65 years left we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including professional charges.