Why you should start your Holborn lease extension

Top reasons for lease extension now:

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

The 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 extending the lease can increase substantially once the remaining term is less than 80 years

Holborn property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Holborn with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the financial worth of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Holborn lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Holborn lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Holborn Lease Extension Example Cases:

Lily, Holborn, North London,

Trailing unsuccessful correspondence with the freeholder of her one bedroom flat in Holborn, Lily initiated the lease extension process as the eighty year mark was quickly nearing. The lease extension was concluded in March 2012. The landlord’s charges were restricted to under 600 pounds.

Holborn case:

Last Christmas we were contacted by Dr Millie Peterson , who owned a basement flat in Holborn in April 1998. The question was if we could approximate the price could be to prolong the lease by 90 years. Comparable residencies in Holborn with an extended lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected annually. The lease elapsed on 3 June 2089. Having 63 years outstanding we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of expenses.