Main reasons to commence your Holborn lease extension

Main reasons to commence your Holborn lease extension today:

Increase your lease and increase your Holborn property value

The market value of Holborn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage on a short lease

The propensity since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Holborn?

Using our service gives you better control over the value of your Holborn leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Holborn Lease Extension Case Summaries:

Shannon, Holborn, North London,

After protracted correspondence with the freeholder of her two bedroom flat in Holborn, Shannon commenced the lease extension process just as the lease was approaching the crucial 80-year mark. The legal work completed in September 2006. The freeholder’s costs were kept to an absolute minimum.

Holborn case:

In 2011 we were contacted by Mrs U López who, having completed a ground floor flat in Holborn in October 2000. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparative premises in Holborn with a long lease were valued about £181,600. The average ground rent payable was £55 invoiced per annum. The lease finished in 2078. Considering the 52 years left we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of legals.