Main reasons to commence your Northolt lease extension

Main reasons to commence your Northolt lease extension today:

A Northolt leasehold property depreciates with the years remaining on the lease.

The closer a domestic lease in Northolt nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease sooner rather than later. Many flat owners in Northolt will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Northolt with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Mortgage companies will not lend on short residential leases. You most probably experience problems if you want to sell your flat in Northolt if the remaining lease term is below the criteria set by most lenders. Different lenders have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

Get in touch with one of our Northolt lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Northolt 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 conveyancing solicitor we work with provide it.

Northolt Lease Extension Case Summaries:

Stanley, Northolt, West London

Last Winter Stanley, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Northolt. Having bought his flat two decades ago, the length of the lease was of little bearing. by good luck, he realised he needed to take steps soon on Extending the lease. Stanley extended the lease just ahead of time last May. Stanley and the landlord in the end settled on sum of £6,000 . If the lease had dipped to less than 80 years, the amount would have increased by at least £1,150.

Northolt case:

Mr and Mrs. R Roux owned a ground floor flat in Northolt in November 2002. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical residencies in Northolt with 100 year plus lease were valued around £265,000. The average ground rent payable was £50 collected per annum. The lease expired in 2100. Having 74 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.