Top reasons for 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.

Northwick Park leases on domestic deteriorating in value. if your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher amount will be payable. Leasehold owners in Northwick Park will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

Lending institutions have specific criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Northwick Park home.

Why use us for your lease extension in Northwick Park?

Engaging our service gives 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 conveyancers 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:

Mason, Northwick Park, North West London,

Mason was the the leasehold owner of a 2 bedroom apartment in Northwick Park being marketed with a lease of fraction over fifty eight years outstanding. Mason on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Mason to invoke his statutory right. Mason obtained expert advice and secured an acceptable deal informally and readily saleable.

Northwick Park case:

Mr and Mrs. N Lewis bought a studio apartment in Northwick Park in February 2012. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable homes in Northwick Park with an extended lease were valued about £203,200. The average ground rent payable was £65 billed annually. The lease end date was on 22 October 2087. Taking into account 61 years remaining we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including professional charges.