Main reasons to commence your Noak Hill lease extension

Main reasons to commence your Noak Hill lease extension today:

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

On the balance of probabilities where you own a flat in Noak Hill you actually own a long leasehold interest over your property

Noak Hill property with a lease extension has roughly the same value as a freehold

Leasehold premises in Noak Hill with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not issue a mortgage on a short lease

Most mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Noak Hill lease extension solicitors or enfranchisement solicitors

Lease extensions in Noak Hill can be a difficult process. We recommend you obtain professional help from a lawyer 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 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.

Noak Hill Lease Extension Case Summaries:

Leon, Noak Hill, London

18 months ago Leon, came very near to the eighty-year threshold with the lease on his purpose- built apartment in Noak Hill. Having bought his property twenty years previously, the length of the lease was of no interest. Thankfully, he noticed he needed to take steps soon on a lease extension. Leon arranged for a lease extension at the eleventh hour in March. Leon and the landlord who owned the flat above ultimately settled on an amount of £5,000 . If he failed to meet the deadline, the amount would have become more exhorbitant by a minimum £1,125.

Noak Hill case:

Last Autumn we were e-mailed by Mrs R Sharif , who bought a one bedroom apartment in Noak Hill in October 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Noak Hill with a long lease were in the region of £183,600. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed on 14 June 2083. Taking into account 57 years outstanding we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.