Main reasons to commence your Noak Hill lease extension

Top reasons for lease extension now:

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

For those whose Noak Hill property is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies will not lend on short residential leases. You are likely to experience difficulties if you need to sell your flat in Noak Hill if the remaining term of your lease is below the criteria set by the majority of lenders. Different lenders have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Noak Hill?

Regardless of whether you are a tenant or a freeholder in Noak Hill,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Noak Hill valuers.

Noak Hill Lease Extension Case Summaries:

Elijah, Noak Hill, London,

Elijah owned a high value flat in Noak Hill on the market with a lease of just over sixty years unexpired. Elijah informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah procured expert advice and was able to make a more informed judgement and deal with the matter and sell the property.

Noak Hill case:

Dr O Morgan bought a one bedroom apartment in Noak Hill in August 2002. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable homes in Noak Hill with an extended lease were valued about £285,000. The average ground rent payable was £55 collected per annum. The lease lapsed in 2106. Considering the 80 years unexpired we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.