Main reasons to commence your Northwood lease extension

Why you should start your Northwood lease extension today:

Increase your lease and increase your Northwood property value

Northwood leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Northwood residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Northwood you must investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Northwood flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Northwood with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not issue a mortgage with a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Northwood lease extensions?

Using our service will provide you enhanced control over the value of your Northwood leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Northwood Lease Extension Example Cases:

Nicole, Northwood, West London,

In the wake of 9 months of protracted discussions with the landlord of her two bedroom flat in Northwood, Nicole initiated the lease extension process as the eighty year mark was rapidly nearing. The legal work completed in September 2013. The landlord’s fees were kept to an absolute minimum.

Northwood case:

Dr M Turner took over the lease of a basement flat in Northwood in April 1998. The question was if we could approximate the price would be for a ninety year lease extension. Identical homes in Northwood with 100 year plus lease were valued about £210,000. The average ground rent payable was £50 billed quarterly. The lease terminated in 2105. Given that there were 80 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.