Holt leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Holt residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Holt you really ought to investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Holt flat owner with a lease having around 80 years left should take action to ensure that a lease extension is put in place without delay
Leasehold premises in Holt with in excess of 100 years outstanding 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Halifax | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Holt can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 procuring Holt lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Reuben was the the leasehold proprietor of a conversion apartment in Holt on the market with a lease of fraction over sixty years left. Reuben informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben procured expert advice and was able to make an informed decision and deal with the matter and sell the property.
Last Spring we were approach by Mrs Sophie Thompson , who acquired a basement flat in Holt in June 2008. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Identical residencies in Holt with an extended lease were in the region of £245,000. The average ground rent payable was £50 billed every twelve months. The lease finished in 2094. Considering the 68 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.
In 2010 we were phoned by Mr K Morel who, having was assigned a lease of a one bedroom flat in Holt in April 2001. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Similar premises in Holt with a long lease were worth £285,000. The mid-range amount of ground rent was £55 collected per annum. The lease expiry date was on 21 February 2105. Considering the 79 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including professional charges.