Why you should start your Northwood lease extension

Main reasons to commence your Northwood lease extension today:

Increase your lease and increase your Northwood property value

The re-sale value of a leasehold property in Northwood depends on how many years the lease has left to run. If it is near to or fewer than eighty years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that a lease extension can be concluded well before the 80 year threshold. Statute entitles Northwood qualifying lessees to an additional term of ninety years over and above the remaining term, at a nominal rent (no ground rent). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold properties in Northwood with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to grant a mortgage on a short lease

What makes us experts in Northwood lease extensions?

Retaining our service gives you enhanced control over the value of your Northwood leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Northwood Lease Extension Case Studies:

Ellie, Northwood, West London,

Subsequent to protracted discussions with the landlord of her garden apartment in Northwood, Ellie initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The lease extension completed in January 2009. The freeholder’s charges were kept to an absolute minimum.

Northwood case:

Dr D Norbert acquired a purpose-built apartment in Northwood in April 2012. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparable properties in Northwood with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed annually. The lease finished on 13 February 2093. Taking into account 67 years outstanding we calculated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 not including expenses.