Main reasons to commence your Northolt lease extension

Why you should commence your Northolt lease extension today:

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

The only way is down when it comes to Northolt lease terms. Northolt properties that have a residual term fewer than 80 years will de-escalate in value even faster, and the cost to extend your lease will go up.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

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

Most high street banks are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Northolt were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Northolt?

Regardless of whether you are a tenant or a landlord in Northolt,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Northolt valuers.

Northolt Lease Extension Example Cases:

Rory, Northolt, West London

In 2014 Rory, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Northolt. Having purchased his home 18 years previously, the unexpired term was of minimal significance. Thankfully, he realised he needed to take action soon on a lease extension. Rory was able to extend his lease just ahead of time last September. Rory and the landlord eventually settled on a premium of £5,500 . If he not met the deadline, the premium would have increased by at least £925.

Northolt case:

Last Winter we were called by Dr C Lefèvre , who purchased a basement flat in Northolt in November 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Northolt with an extended lease were worth £255,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease concluded in 2096. Considering the 70 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.