Main reasons to commence your Northwick Park lease extension

Why you should start your Northwick Park lease extension today:

A Northwick Park lease depreciates with the years remaining on the lease.

The market value of Northwick Park 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 materialy once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety 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 may not lend on a short lease

Banks and building societies are really clamping down as regards to homes in Northwick Park with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

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

Engaging our service will provide you enhanced control over the value of your Northwick Park leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Northwick Park Lease Extension Example Cases:

Max, Northwick Park, North West London,

Max was the the leasehold owner of a 2 bedroom apartment in Northwick Park being marketed with a lease of just over 59 years outstanding. Max on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Max to invoke his statutory right. Max procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Northwick Park case:

Last Summer we were called by Dr O Bell , who took over the lease of a newly refurbished flat in Northwick Park in August 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Northwick Park with an extended lease were in the region of £260,000. The average ground rent payable was £50 collected quarterly. The lease terminated on 24 September 2099. Given that there were 73 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.