Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Holywell. Clearly, the term of lease left shortens over time. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Holywell have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. You should give due consideration before putting off your Holywell lease extension. Holding off the cost now only increases the price you will eventually incur for a lease extension
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| TSB |
Lease extensions in Holywell can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Holywell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dylan owned a studio apartment in Holywell on the market with a lease of a few days over 61 years unexpired. Dylan on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Mr and Mrs. C Dupont bought a garden flat in Holywell in June 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparative properties in Holywell with a long lease were valued about £290,000. The average ground rent payable was £45 invoiced monthly. The lease ended in 2099. Taking into account 73 years outstanding we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.
Last Winter we were contacted by Mr Connor Nelson , who moved into a basement flat in Holywell in February 1995. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Similar premises in Holywell with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £60 billed annually. The lease elapsed in 2088. Given that there were 62 years outstanding we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 not including professional charges.