Holme On Spalding Moor leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Holme On Spalding Moor residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Holme On Spalding Moor you must investigate if your lease has between seventy and 90 years left. There are good reasons why a Holme On Spalding Moor leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Holme On Spalding Moor,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Holme On Spalding Moor valuers.
Milo was the the leasehold proprietor of a studio flat in Holme On Spalding Moor on the market with a lease of just over 61 years left. Milo on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Milo to exercise his statutory right. Milo procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Mrs L Ramírez owned a ground floor apartment in Holme On Spalding Moor in August 2008. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable flats in Holme On Spalding Moor with 100 year plus lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ended on 2 March 2106. Considering the 80 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
In 2011 we were called by Ms J Torres who, having moved into a newly refurbished apartment in Holme On Spalding Moor in February 2004. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative premises in Holme On Spalding Moor with an extended lease were worth £275,000. The average amount of ground rent was £45 billed yearly. The lease elapsed on 4 March 2095. Considering the 69 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.