There is no doubt about it a leasehold flat or house in Holmfirth is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner as opposed to later. Most flat owners in Holmfirth will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold properties in Holmfirth with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Lease extensions in Holmfirth can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge 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.
Off the back of lengthy correspondence with the landlord of her two bedroom apartment in Holmfirth, Courtney initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was finalised in February 2013. The freeholder’s charges were negotiated to less than 600 GBP.
Last month we were approach by Mr and Mrs. M Reed , who completed a basement flat in Holmfirth in March 1996. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparable homes in Holmfirth with an extended lease were valued about £208,200. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 11 May 2086. Considering the 61 years remaining we approximated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 exclusive of costs.
Last Summer we were approach by Mr and Mrs. K Pérez , who was assigned a lease of a recently refurbished apartment in Holmfirth in October 2001. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparable premises in Holmfirth with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease elapsed on 9 March 2097. Having 72 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.