Top reasons for Holmrook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Holmrook property value

Chances are that where you own a flat in Holmrook you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Holmrook 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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic once you come to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your purchaser will need to wait two years before they can start the legal procedures for a lease extension.

What makes us experts in Holmrook lease extensions?

Lease extensions in Holmrook can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in lease extensions.

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 in-depth market knowledge dealing with Holmrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holmrook Lease Extension Example Cases:

Michael, Holmrook, Cumbria

In 2014 Michael, started to get near to the 80-year threshold with the lease on his leasehold apartment in Holmrook. Having purchased his flat two decades ago, the unexpired term was of minimal importance. Thankfully, he realised he would imminently be paying an inflated amount for Extending the lease. Michael arranged for a lease extension at the eleventh hour in March. Michael and the freeholder via the management company eventually agreed on an amount of £5,000 . If he had missed the deadline, the premium would have escalated by a minimum £975.

Holmrook case:

Last Summer we were called by Dr J Morel , who completed a first floor flat in Holmrook in September 2011. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparable residencies in Holmrook with a long lease were worth £265,200. The mid-range ground rent payable was £65 billed every twelve months. The lease elapsed in 2092. Having 66 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of professional charges.

Holmrook case:

In 2014 we were contacted by Ms F Peterson who, having moved into a studio apartment in Holmrook in August 2008. The question was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Similar premises in Holmrook with a long lease were worth £198,800. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed on 19 March 2081. Having 55 years remaining we approximated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.