Holme On Spalding Moor residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.
Leasehold properties in Holme On Spalding Moor with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
Using our service gives you increased control over the value of your Holme On Spalding Moor leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Ethan owned a conversion apartment in Holme On Spalding Moor on the market with a lease of fraction over 59 years left. Ethan on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert advice and secured an acceptable deal informally and sell the property.
In 2011 we were approached by Mr and Mrs. U Alexander who, having purchased a garden flat in Holme On Spalding Moor in March 2004. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative residencies in Holme On Spalding Moor with an extended lease were in the region of £191,400. The average amount of ground rent was £55 invoiced monthly. The lease ended in 2080. Having 54 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of professional charges.
Dr N Ali completed a first floor apartment in Holme On Spalding Moor in March 1998. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative flats in Holme On Spalding Moor with a long lease were valued around £295,000. The average amount of ground rent was £45 billed monthly. The lease ran out in 2100. Considering the 74 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.