Top reasons for Northolt lease extension

Why you should start your Northolt lease extension today:

Increase your lease and increase your Northolt property value

The value of Northolt leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is below than eighty years

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

The trend since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Northolt lease extensions?

Retaining our service will provide you better control over the value of your Northolt leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Northolt Lease Extension Example Cases:

Kyle, Northolt, West London

Last year Kyle, came critically close to the 80-year mark with the lease on his ground floor apartment in Northolt. Having purchased his flat 19 years ago, the length of the lease was of little importance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Kyle was able to extend his lease at the eleventh hour last June. Kyle and the freeholder via the managing agents ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the sum would have increased by a minimum £1,050.

Northolt case:

Last Spring we were approach by Mrs Chantelle Scott , who was assigned a lease of a studio flat in Northolt in January 2011. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar premises in Northolt with a long lease were in the region of £255,000. The average amount of ground rent was £50 billed annually. The lease finished on 7 March 2097. Given that there were 71 years remaining we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.