Why you should start your Noak Hill lease extension

Why you should start your Noak Hill lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Noak Hill. Clearly, the term of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Noak Hill have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. Please give careful consideration before delaying your Noak Hill lease extension. Holding off that expense now likely increases the price you will ultimately incur to extend your lease

Noak Hill property with a lease extension is almost the same value as a freehold

Leasehold properties in Noak Hill with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not grant a mortgage with a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Noak Hill?

The lawyers that we work with undertake Noak Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Noak Hill Lease Extension Example Cases:

Ryan, Noak Hill, London

During the course of the last few months Ryan, started to get near to the eighty-year threshold with the lease on his garden apartment in Noak Hill. In buying his home twenty years previously, the length of the lease was of no significance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Ryan arranged for a lease extension just in the nick of time last August. Ryan and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If the lease had fallen below eighty years, the sum would have become more costly by at least £1,075.

Noak Hill case:

Last Autumn we were approach by Mr Owen Thomas , who took over the lease of a studio apartment in Noak Hill in July 2002. The question was if we could estimate the price would likely be to extend the lease by 90 years. Similar properties in Noak Hill with a long lease were worth £260,000. The average ground rent payable was £50 invoiced yearly. The lease end date was in 2098. Given that there were 72 years outstanding we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.