Noak Hill leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Noak Hill will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Noak Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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 a wealth of experience 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.
Last Autumn Harvey, started to get close to the eighty-year threshold with the lease on his first floor apartment in Noak Hill. In buying his flat 18 years ago, the lease term was of little relevance. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Harvey was able to extend his lease at the eleventh hour last August. Harvey and the landlord eventually settled on sum of £5,500 . If the lease had descended lower than 80 years, the premium would have gone up by a minimum £1,025.
Dr Sarah Robinson purchased a ground floor apartment in Noak Hill in May 1997. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative properties in Noak Hill with 100 year plus lease were valued about £227,800. The mid-range ground rent payable was £45 invoiced yearly. The lease termination date was on 5 March 2091. Given that there were 65 years as a residual term we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.
An example of a Lease Extension decision 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 affected 1 flat. The unexpired residue of the current lease was 57.5 years.