Main reasons to commence your Holsworthy lease extension

Main reasons to start your Holsworthy lease extension today:

Increase your lease and increase your Holsworthy property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Holsworthy can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Holsworthy lease extension. Postponing the costs today simply increases the price you will eventually have to pay for a lease extension.

Holsworthy property with a lease extension has roughly the same value as a freehold

Leasehold properties in Holsworthy with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may not loan monies on a short lease

Mortgage companies are really restricting their approach as regards to homes in Holsworthy with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing the number of prospective buyers.

Get in touch with one of our Holsworthy lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors 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:

Jamie, Holsworthy, Devon

Half a year ago Jamie, started to get near to the eighty-year threshold with the lease on his garden flat in Holsworthy. In buying his property two decades ago, the unexpired term was of little concern. As luck would have it, he recognised he would soon be paying an escalated premium for Extending the lease. Jamie was able to extend his lease just in the nick of time last August. Jamie and the landlord who owned the flat above eventually agreed on a premium of £5,000 . If he not met the deadline, the price would have escalated by a minimum £1,075.

Holsworthy case:

Dr Lauren Mitchell took over the lease of a one bedroom flat in Holsworthy in November 2000. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Identical homes in Holsworthy with 100 year plus lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected every twelve months. The lease expired on 6 October 2079. Given that there were 53 years unexpired we calculated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of legals.

Holsworthy case:

Last Winter we were e-mailed by Mr and Mrs. F Ward , who moved into a one bedroom flat in Holsworthy in June 1999. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative properties in Holsworthy with a long lease were valued around £218,000. The mid-range ground rent payable was £45 billed yearly. The lease lapsed on 21 November 2089. Having 63 years unexpired we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including expenses.