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.

The market value of a leasehold property in Noak Hill is impacted by how long the lease has left to run. If it is near to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension before purchasing. It is ideal to start the lease extension process when a lease still has 82 years to run so that a lease extension can be concluded in advance of the 80 year cut off point. Current legislation entitles Noak Hill qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of 90 years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

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 remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You most probably experience problems if you want to sell your flat in Noak Hill if the remaining lease term is below the criteria set by the majority of mortgage companies. Different lenders have different criteria but in the main theyrequire a minimum remaining lease term of 65 years.

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 conveyancing solicitor and valuer 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 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 Summaries:

Finley, Noak Hill, London,

Finley owned a studio apartment in Noak Hill on the market with a lease of fraction over fifty eight years outstanding. Finley on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Finley to invoke his statutory right. Finley procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Noak Hill case:

In 2009 we were e-mailed by Dr Dexter François who, having bought a ground floor apartment in Noak Hill in September 2004. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in Noak Hill with an extended lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected quarterly. The lease lapsed on 17 April 2079. Having 53 years outstanding we estimated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of costs.