Noak Hill Lease Extension - Free Consultation

Before you progress with your lease extension in Noak Hill
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to commence your Noak Hill lease extension


Why you should commence your Noak Hill lease extension today:

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

Chances are that where you own a flat in Noak Hill you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Noak Hill with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to lend on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be deficient security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Noak Hill lease extensions?

Engaging our service gives you increased control over the value of your Noak Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Noak Hill Lease Extension Example Cases:

Poppy, Noak Hill, London,

Subsequent to unsuccessful negotiations with the freeholder of her first floor apartment in Noak Hill, Poppy started the lease extension process just as the lease was approaching the critical eighty-year mark. The legal work completed in June 2013. The freeholder’s costs were kept to an absolute minimum.

Noak Hill case:

In 2010 we were called by Mr and Mrs. N Peterson who, having owned a recently refurbished flat in Noak Hill in August 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparable residencies in Noak Hill with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed monthly. The lease came to a finish in 2095. Taking into account 73 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a Noak Hill residence 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 number of years remaining on the existing lease(s) was 57.5 years.