On the balance of probabilities where you own a flat in Holmrook you actually own a long leasehold interest over your property
Leasehold premises in Holmrook with in excess of one hundred years unexpired 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Holmrook can be a difficult process. We recommend you procure guidance 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 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.
In recent months Jack, came seriously near to the eighty-year threshold with the lease on his first floor apartment in Holmrook. In buying his home two decades ago, the unexpired term was of no bearing. Fortunately, he recognised he would soon be paying an inflated amount for a lease extension. Jack arranged for a lease extension at the eleventh hour in March. Jack and the landlord who owned the flat above ultimately agreed on a premium of £5,500 . If he not met the deadline, the premium would have increased by a minimum £1,075.
In 2009 we were e-mailed by Mr and Mrs. P Reed who, having moved into a recently refurbished apartment in Holmrook in September 2001. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparative premises in Holmrook with an extended lease were valued about £250,400. The average amount of ground rent was £65 billed yearly. The lease lapsed in 2089. Taking into account 64 years left we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of legals.
Dr V Flores purchased a one bedroom flat in Holmrook in November 1995. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative residencies in Holmrook with a long lease were valued around £189,000. The mid-range amount of ground rent was £55 billed quarterly. The lease termination date was in 2078. Having 53 years unexpired we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.