Stop! Your Lease Extension in Noak Hill Could Be FREE

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Many leaseholders in Noak Hill are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Noak Hill has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Noak Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Noak Hill property value

On the balance of probabilities if you own a flat in Noak Hill you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Noak Hill were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Godiva Mortgages 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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Yorkshire Building Society 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.

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 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 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.

Noak Hill Lease Extension Case Summaries:

Hannah, Noak Hill, London,

Following lengthy correspondence with the landlord of her two bedroom apartment in Noak Hill, Hannah started the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction completed in August 2010. The freeholder’s fees were restricted to slightly above 600 pounds.

Noak Hill case:

Last month we were approach by Dr Abbie Phillips , who purchased a garden flat in Noak Hill in February 2005. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative flats in Noak Hill with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 collected monthly. The lease concluded in 2086. Having 60 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 not including legals.

Decision in Havering

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 related to 1 flat. The remaining number of years on the lease was 57.5 years.