Noak Hill leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Noak Hill will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold premises in Noak Hill with in excess of one hundred 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 home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Yorkshire 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. |
Regardless of whether you are a tenant or a freeholder in Noak Hill,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Noak Hill valuers.
Ali was the the leasehold owner of a high value flat in Noak Hill being marketed with a lease of a little over 59 years remaining. Ali informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Ali to exercise his statutory right. Ali procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
Dr Stephanie Adams bought a ground floor flat in Noak Hill in August 2005. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Similar properties in Noak Hill with a long lease were valued about £260,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expiry date was on 13 April 2099. Taking into account 73 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.
An example of a Lease Extension matter before the tribunal for a Noak Hill premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.