Holmfirth leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease drops below eighty years - otherwise a higher amount will be payable. Flat owners in Holmfirth will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In some situations you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in Holmfirth with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Holmfirth,the lease extension experts 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.
In the wake of eight months of unsuccessful correspondence with the landlord of her first floor apartment in Holmfirth, Grace started the lease extension process just as the lease was coming close to the crucial 80-year mark. The legal work was concluded in October 2007. The freeholder’s fees were restricted to below 700 GBP.
Last Summer we were e-mailed by Mr O Khan , who purchased a purpose-built apartment in Holmfirth in August 2011. We are asked if we could estimate the premium could be to extend the lease by 90 years. Identical properties in Holmfirth with 100 year plus lease were in the region of £254,200. The mid-range amount of ground rent was £60 billed monthly. The lease concluded in 2077. Given that there were 51 years outstanding we estimated the premium to the landlord for the lease extension to be between £43,700 and £50,600 not including fees.
Last Spring we were contacted by Mr and Mrs. F White , who acquired a studio flat in Holmfirth in June 1995. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparable premises in Holmfirth with an extended lease were valued about £210,600. The mid-range ground rent payable was £45 billed yearly. The lease expiry date was on 21 July 2088. Given that there were 62 years unexpired we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including costs.