Why you should start your Noak Hill lease extension

Why you should start your Noak Hill lease extension today:

Increase your lease and increase your Noak Hill property value

Noak Hill residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

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

Leasehold premises in Noak Hill with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As many flats in Noak Hill were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Noak Hill lease extensions?

Lease extensions in Noak Hill can be a difficult process. We recommend you get professional help from a conveyancer 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:

Shannon, Noak Hill, London,

After lengthy discussions with the freeholder of her leasehold apartment in Noak Hill, Shannon started the lease extension process as the eighty year threshold was fast approaching. The legal work was finalised in June 2014. The landlord’s charges were kept to an absolute minimum.

Noak Hill case:

In 2012 we were approached by Mr and Mrs. B Williams who, having was assigned a lease of a recently refurbished flat in Noak Hill in October 1997. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative residencies in Noak Hill with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 invoiced annually. The lease end date was on 26 June 2102. Having 76 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.