Top reasons for Noak Hill lease extension

Main reasons to commence your Noak Hill lease extension today:

Increase your lease and increase your Noak Hill property value

It’s an underpublicised certainty that a Noak Hill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Noak Hill property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term falls under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Noak Hill will be able to extend under the legislation; however a conveyancer will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of 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 remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be deficient for lending purposes.

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 conveyancer and surveyor 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 Studies:

Danielle, Noak Hill, London,

In the wake of eight months of protracted negotiations with the freeholder of her first floor flat in Noak Hill, Danielle started the lease extension process as the eighty year threshold was swiftly advancing. The lease extension was concluded in April 2014. The landlord’s charges were kept to an absolute minimum.

Noak Hill case:

Dr Emma Simon moved into a ground floor apartment in Noak Hill in March 2001. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical homes in Noak Hill with a long lease were valued around £245,000. The mid-range amount of ground rent was £45 billed per annum. The lease concluded in 2094. Given that there were 68 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.