Main reasons to start your Holton le Clay lease extension

Main reasons to commence your Holton le Clay lease extension today:

A Holton le Clay lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Holton le Clay can extend the lease for an additional 90 years under Leasehold Reform legislation. Do think carefully before delaying your Holton le Clay lease extension. Postponing that expense now simply increases the amount you will eventually be required to pay to extend the lease.

Holton le Clay property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Holton le Clay?

Using our service will provide you enhanced control over the value of your Holton le Clay leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Holton le Clay Lease Extension Case Studies:

Theo, Holton le Clay, Lincolnshire

In recent months Theo, started to get near to the eighty-year threshold with the lease on his studio flat in Holton le Clay. In buying his property two decades ago, the unexpired term was of minimal importance. Fortunately, he became aware that he would imminently be paying an inflated amount for a lease extension. Theo was able to extend his lease just under the wire last August. Theo and the landlord who owned the flat above ultimately agreed on an amount of £6,000 . If the lease had slid below eighty years, the figure would have gone up by a minimum £900.

Holton le Clay case:

Mr and Mrs. H Davies purchased a one bedroom flat in Holton le Clay in February 2008. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Comparable homes in Holton le Clay with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 invoiced annually. The lease lapsed in 2095. Taking into account 69 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.

Holton le Clay case:

In 2009 we were e-mailed by Dr Archie Roux who, having owned a one bedroom flat in Holton le Clay in April 2006. The question was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Identical residencies in Holton le Clay with an extended lease were worth £216,000. The average ground rent payable was £60 invoiced every twelve months. The lease end date was on 18 September 2084. Taking into account 58 years remaining we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.