Holmfirth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Holmfirth tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Holmfirth you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Holmfirth flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay
Leasehold premises in Holmfirth with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Holmfirth can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in this area.
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 Holmfirth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy correspondence with the landlord of her two bedroom apartment in Holmfirth, Anna started the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was finalised in July 2008. The freeholder’s charges were restricted to under 500 pounds.
Dr A Gunderson moved into a one bedroom flat in Holmfirth in February 2009. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable flats in Holmfirth with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 billed every twelve months. The lease terminated on 9 August 2104. Taking into account 79 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus professional charges.
Dr Dylan Ricardo took over the lease of a one bedroom flat in Holmfirth in May 1999. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative premises in Holmfirth with 100 year plus lease were worth £193,400. The average ground rent payable was £65 billed per annum. The lease ended on 8 May 2084. Having 59 years remaining we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of fees.