Top reasons for Holmfirth lease extension

Main reasons to commence your Holmfirth lease extension today:

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

The only way is down when it comes to Holmfirth lease terms. Holmfirth leaseholds that have a residual term fewer than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will rise.

Holmfirth property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Holmfirth property being difficult to dispose of or remortgage.

What makes us experts in Holmfirth lease extensions?

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

Holmfirth Lease Extension Example Cases:

Noah, Holmfirth, West Yorkshire

During the course of the last few months Noah, started to get close to the eighty-year mark with the lease on his purpose- built apartment in Holmfirth. In buying his flat two decades ago, the unexpired term was of little relevance. Fortunately, he realised he needed to take steps soon on a lease extension. Noah extended the lease just in the nick of time last March. Noah and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If he had missed the deadline, the figure would have escalated by a minimum £1,125.

Holmfirth case:

Dr M Walker was assigned a lease of a ground floor apartment in Holmfirth in September 1998. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar premises in Holmfirth with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 billed yearly. The lease termination date was on 13 November 2096. Having 70 years left we approximated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 exclusive of fees.

Holmfirth case:

In 2011 we were called by Mrs Lauren Roux who, having moved into a garden apartment in Holmfirth in March 1997. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Holmfirth with an extended lease were valued about £246,800. The average amount of ground rent was £60 billed yearly. The lease finished on 19 October 2076. Taking into account 50 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 plus costs.