Top reasons for Holsworthy lease extension

Main reasons to commence your Holsworthy lease extension today:

A Holsworthy lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Holsworthy is a wasting asset as a result of the diminishing lease term. Where the lease has, over 100 years to run then this decrease may be negligible however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Holsworthy will meet the qualifying criteria; that being said a conveyancer will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Holsworthy with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems if you need to sell your flat in Holsworthy if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Holsworthy?

The conveyancers that we work with handle Holsworthy lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Holsworthy Lease Extension Example Cases:

Anna, Holsworthy, Devon,

Trailing protracted discussions with the freeholder of her ground floor flat in Holsworthy, Anna initiated the lease extension process as the 80 year deadline was rapidly advancing. The legal work completed in April 2010. The landlord’s charges were kept to an absolute minimum.

Holsworthy case:

In 2012 we were called by Mr Jonathan Lefebvre who, having took over the lease of a first floor flat in Holsworthy in October 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Holsworthy with an extended lease were worth £203,200. The mid-range amount of ground rent was £65 billed yearly. The lease concluded on 17 July 2087. Considering the 61 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of costs.

Holsworthy case:

In 2012 we were approached by Mr Riley Martin who, having owned a one bedroom apartment in Holsworthy in April 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Holsworthy with 100 year plus lease were valued around £260,000. The average ground rent payable was £50 billed yearly. The lease terminated on 6 March 2098. Taking into account 72 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.