Why you should start your Northop Hall lease extension

Main reasons to commence your Northop Hall lease extension today:

Increase your lease and increase your Northop Hall property value

The market value of Northop Hall leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Northop Hall with in excess of one hundred years outstanding 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to finance a property on a short lease

Lending institutions have specific criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Northop Hall home.

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

Lease extensions in Northop Hall can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 in-depth market knowledge procuring Northop Hall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Northop Hall Lease Extension Case Summaries:

Rhiannon, Northop Hall, Flintshire,

Subsequent to unsuccessful discussions with the landlord of her ground floor flat in Northop Hall, Rhiannon started the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The lease extension was finalised in July 2011. The freeholder’s charges were negotiated to about 600 pounds.

Northop Hall case:

Mr and Mrs. P Wright owned a one bedroom apartment in Northop Hall in November 2002. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable residencies in Northop Hall with 100 year plus lease were valued around £198,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease expiry date was on 7 July 2081. Given that there were 55 years left we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus expenses.

Northop Hall case:

Mr Ryan Murphy acquired a garden apartment in Northop Hall in May 2005. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Identical homes in Northop Hall with an extended lease were worth £295,000. The mid-range amount of ground rent was £50 billed annually. The lease terminated on 17 September 2101. Given that there were 75 years left we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.