Top reasons for Noak Hill lease extension

Top reasons for lease extension now:

A Noak Hill leasehold property depreciates with the years remaining on the lease.

Noak Hill leases on domestic properties are gradually losing value. Where your lease has approximately 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 paying an additional element called marriage value. Leasehold owners in Noak Hill will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Noak Hill property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Noak Hill?

Lease extensions in Noak Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 procuring Noak Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Noak Hill Lease Extension Case Summaries:

Kai, Noak Hill, London,

Kai owned a 2 bedroom flat in Noak Hill being sold with a lease of just over sixty years remaining. Kai informally spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Kai to exercise his statutory right. Kai procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Noak Hill case:

Dr Ethan Green took over the lease of a studio flat in Noak Hill in April 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Noak Hill with 100 year plus lease were in the region of £237,600. The mid-range amount of ground rent was £45 invoiced per annum. The lease lapsed in 2092. Considering the 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus fees.