Holmfirth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Holmfirth enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Holmfirth you really ought to see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Holmfirth flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay
Leasehold premises in Holmfirth with more than one hundred years outstanding on the lease are sometimes regarded as a ‘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 reversionary interest unless savings on ground rent and service charges warrant it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Holmfirth can be a difficult process. We recommend you get guidance from a conveyancer 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 dealing with Holmfirth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the landlord of her ground floor apartment in Holmfirth, Sophie initiated the lease extension process as the 80 year mark was swiftly nearing. The transaction was concluded in February 2009. The freeholder’s charges were restricted to a tad over 450 GBP.
Last Autumn we were contacted by Mr Callum Pérez , who acquired a one bedroom flat in Holmfirth in April 2005. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Holmfirth with an extended lease were worth £200,800. The average amount of ground rent was £65 billed annually. The lease lapsed on 3 January 2086. Given that there were 60 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of fees.
Last year we were called by Dr Millie González , who purchased a newly refurbished apartment in Holmfirth in September 2012. The question was if we could approximate the premium could be to prolong the lease by 90 years. Comparable premises in Holmfirth with a long lease were valued around £255,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease concluded in 2097. Having 71 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.