Why you should start your Holborn lease extension

Top reasons for lease extension now:

A Holborn leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Holborn is a wasting asset as a result of the shortening lease. If the lease has, more than 125 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Holborn will meet the qualifying criteria; that being said a lawyer can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not issue a mortgage with a short lease

Mortgage companies will not lend on short residential leases. You are likely to experience problems if you want to sell your flat in Holborn if the remaining term of your lease is less than the criteria set by most lenders. Different lenders have different requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Holborn lease extensions?

Lease extensions in Holborn can be a difficult process. We recommend you obtain professional help from a lawyer 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 Holborn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Holborn Lease Extension Case Studies:

Henry, Holborn, North London

Two years ago Henry, came precariously close to the 80-year mark with the lease on his one bedroom apartment in Holborn. Having purchased his property two decades ago, the length of the lease was of little interest. Fortunately, he became aware that he needed to take action soon on a lease extension. Henry extended the lease at the eleventh hour last July. Henry and the landlord who owned the flat above subsequently settled on sum of £5,000 . If the lease had slipped lower than 80 years, the premium would have increased by a minimum £975.

Holborn case:

Last Summer we were e-mailed by Mrs A Johnson , who moved into a one bedroom apartment in Holborn in April 2011. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparable properties in Holborn with an extended lease were in the region of £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease concluded in 2093. Having 67 years left we estimated the premium to the landlord for the lease extension to be between £14,300 and £16,400 not including fees.