Top reasons for Holt lease extension

Top reasons for lease extension now:

Increase your lease and increase your Holt property value

The market value of Holt 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 below than 80 years

Holt property with a lease extension is almost the same value as a freehold

Leasehold residencies in Holt with over 100 years unexpired on the lease are often referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not finance a property with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Holt lease extensions?

Retaining our service gives you increased control over the value of your Holt leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Holt Lease Extension Case Summaries:

Nathaniel, Holt, Norfolk

In 2014 Nathaniel, came very near to the eighty-year mark with the lease on his two bedroom apartment in Holt. Having purchased his home 19 years previously, the lease term was of minimal concern. by good luck, he recognised he needed to take action soon on Extending the lease. Nathaniel arranged for a lease extension just in the nick of time in May. Nathaniel and the freeholder subsequently settled on the final figure of £5,000 . If the lease had slipped to less than eighty years, the amount would have gone up by a minimum £875.

Holt case:

Mrs E Bernard was assigned a lease of a first floor apartment in Holt in March 1997. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical premises in Holt with 100 year plus lease were in the region of £235,200. The average ground rent payable was £45 billed per annum. The lease ran out on 10 November 2091. Considering the 66 years outstanding we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.

Holt case:

Last Autumn we were e-mailed by Dr V Baker , who owned a basement apartment in Holt in August 2009. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical homes in Holt with an extended lease were worth £275,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease terminated in 2102. Considering the 77 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.