Main reasons to commence your Holmrook lease extension
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Why you should start your Holmrook lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/holmrook">Holmrook</a> property value </h4>
<p> The value of Holmrook leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years
<h4>An extended lease has roughly the same value as a freehold</h4>
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Leasehold premises in Holmrook with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it. <h4>Banks and Building Societies may not grant a mortgage on a short lease</h4> Mortgage Lenders are distinct in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be happy with anything with more than seventy years. Below 60 years, it may be difficult to obtain a mortgage in the first place.
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<th> Requirement
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<h4>
Why use us for your lease extension in Holmrook? </h4>
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Lease extensions in Holmrook can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
<p>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.
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Holmrook Lease Extension Example Cases:
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<h5> Luca, Holmrook, Cumbria,</h5>
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Luca owned a conversion apartment in Holmrook being marketed with a lease of just over 61 years left. Luca informally spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Luca to exercise his statutory right. Luca obtained expert advice and was able to make an informed judgement and handle with the matter and sell the flat.
<h5>Holmrook case:</h5>
<p> Mrs Kirsty Cooper took over the lease of a basement apartment in Holmrook in June 2011. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical premises in Holmrook with a long lease were worth £189,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease finished on 12 November 2079. Taking into account 53 years as a residual term we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.
<h5>Holmrook case:</h5>
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Last Spring we were called by Dr Cameron Vincent , who
was assigned a lease of a garden flat in Holmrook in February 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Holmrook with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed every twelve months. The lease lapsed on 25 January 2099. Taking into account 73 years remaining we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.
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