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Main reasons to commence your Holborn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Holborn property value

Chances are that if you own a flat in Holborn you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to homes in Holborn with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting the number of potential buyers.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Holborn lease extensions?

Irrespective of whether you are a tenant or a freeholder in Holborn,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Holborn valuers.

Holborn Lease Extension Example Cases:

Courtney, Holborn, North London,

Following unsuccessful discussions with the freeholder of her purpose-built apartment in Holborn, Courtney initiated the lease extension process as the eighty year mark was swiftly approaching. The transaction was finalised in May 2011. The landlord’s charges were restricted to below four hundred pounds.

Holborn case:

Last Summer we were contacted by Mrs Lily Mercier , who was assigned a lease of a purpose-built apartment in Holborn in July 2001. We are asked if we could estimate the price would be for a 90 year lease extension. Identical properties in Holborn with a long lease were worth £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish on 10 June 2101. Having 76 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a Holborn flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.