Noak Hill leases on residential 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. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Flat owners in Noak Hill will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not qualify. There are also strict timetables and procedures to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Noak Hill with over one hundred years unexpired 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
Lease extensions in Noak Hill can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 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.
Liam was the the leasehold proprietor of a conversion flat in Noak Hill being marketed with a lease of a little over fifty eight years remaining. Liam informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Liam to invoke his statutory right. Liam procured expert advice and secured an acceptable resolution without going to tribunal and readily saleable.
Mr and Mrs. K Cooper took over the lease of a garden flat in Noak Hill in September 2008. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Similar properties in Noak Hill with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished in 2082. Taking into account 56 years remaining we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Noak Hill flat 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 related to 1 flat. The remaining number of years on the lease was 57.5 years.