Top reasons for Northwick Park lease extension

Why you should start your Northwick Park lease extension today:

Increase your lease and increase your Northwick Park property value

Northwick Park leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Northwick Park will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they are unable to get a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Northwick Park lease extensions?

Retaining our service gives you increased 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 conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Northwick Park Lease Extension Case Summaries:

Isabelle, Northwick Park, North West London,

In the wake of 6 months of lengthy correspondence with the freeholder of her studio apartment in Northwick Park, Isabelle initiated the lease extension process just as the lease was nearing the all-important eighty-year threshold. The transaction completed in July 2005. The freeholder’s costs were restricted to slightly above five hundred pounds.

Northwick Park case:

In 2010 we were e-mailed by Dr A Peterson who, having was assigned a lease of a one bedroom apartment in Northwick Park in February 2000. The question was if we could estimate the price would be for a ninety year lease extension. Comparative flats in Northwick Park with 100 year plus lease were valued about £183,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish on 5 November 2083. Having 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.