Why you should start your Northolt lease extension

Why you should commence your Northolt lease extension today:

Increase your lease and increase your Northolt property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Northolt can extend the lease for a further ninety years under Leasehold Reform legislation. Do think carefully before delaying your Northolt lease extension. Postponing that expense now simply increases the price you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Mortgage companies are really restricting their approach as regards to homes in Northolt with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Northolt lease extensions?

Using our service will provide you better control over the value of your Northolt leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Northolt Lease Extension Case Studies:

Sebastian, Northolt, West London

Two years ago Sebastian, came precariously close to the 80-year mark with the lease on his leasehold flat in Northolt. Having purchased his home two decades ago, the unexpired term was of minimal bearing. Thankfully, he recognised he needed to take action soon on a lease extension. Sebastian was able to extend his lease just under the wire in January. Sebastian and the landlord in the end agreed on a premium of £5,500 . If he not met the deadline, the figure would have become more costly by at least £950.

Northolt case:

Mrs Y Roberts completed a first floor apartment in Northolt in November 2011. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical residencies in Northolt with 100 year plus lease were worth £168,800. The average ground rent payable was £60 collected monthly. The lease end date was in 2081. Considering the 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.