The 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 increase substantially once the unexpired lease term is less than 80 years
Leasehold premises in Holt with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit 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. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Holt can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Holt lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted negotiations with the landlord of her leasehold apartment in Holt, Tia commenced the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension was finalised in August 2013. The freeholder’s costs were kept to an absolute minimum.
Dr K Rogers was assigned a lease of a studio apartment in Holt in February 2007. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable flats in Holt with a long lease were worth £280,000. The average ground rent payable was £55 invoiced every twelve months. The lease ended on 24 April 2103. Having 78 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.
In 2011 we were phoned by Ms Y Peterson who, having moved into a purpose-built apartment in Holt in May 2007. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar properties in Holt with an extended lease were in the region of £191,000. The average ground rent payable was £65 billed monthly. The lease ran out in 2083. Taking into account 58 years remaining we estimated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of costs.