Holme On Spalding Moor leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Holme On Spalding Moor enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Holme On Spalding Moor you should see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Holme On Spalding Moor flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
Using our service gives you better control over the value of your Holme On Spalding Moor 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of lengthy negotiations with the freeholder of her first floor apartment in Holme On Spalding Moor, Hannah initiated the lease extension process just as her lease was coming close to the critical 80-year deadline. The legal work was concluded in November 2011. The landlord’s costs were kept to an absolute minimum.
Dr W Wilson purchased a first floor flat in Holme On Spalding Moor in October 2009. The question was if we could estimate the price would be for a ninety year extension to my lease. Identical homes in Holme On Spalding Moor with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 collected per annum. The lease lapsed in 2104. Taking into account 78 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.
In 2009 we were contacted by Mr Michael Walker who, having bought a garden apartment in Holme On Spalding Moor in April 2012. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical properties in Holme On Spalding Moor with an extended lease were valued about £267,600. The mid-range amount of ground rent was £65 billed per annum. The lease ended in 2093. Having 67 years left we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 not including professional charges.