Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Holmes Chapel. Clearly, the period of lease left shortens as time goes by. This is often ignored and only becomes a problem when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Holmes Chapel have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please give due attention before putting off your Holmes Chapel lease extension. Holding off the cost now likely increases the price you will ultimately have to pay to extend your lease
Leasehold premises in Holmes Chapel with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Halifax | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Holmes Chapel can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 Holmes Chapel lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy negotiations with the landlord of her leasehold flat in Holmes Chapel, Francesca commenced the lease extension process as the eighty year deadline was rapidly approaching. The legal work completed in June 2013. The landlord’s charges were negotiated to under 700 pounds.
Last Summer we were phoned by Mr and Mrs. H James , who acquired a basement flat in Holmes Chapel in July 2003. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar properties in Holmes Chapel with a long lease were in the region of £216,000. The average ground rent payable was £60 invoiced monthly. The lease terminated in 2084. Given that there were 58 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.
Last Winter we were called by Dr T Morgan , who purchased a basement flat in Holmes Chapel in March 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Holmes Chapel with an extended lease were in the region of £200,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 27 May 2104. Considering the 78 years left we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.