Noak Hill Lease Extension - Free Consultation

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Before you progress with your lease extension in Noak Hill
Get a quote from one of our lease extension experts with over 20 years experience.

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Top reasons for Noak Hill lease extension

Why you should commence your Noak Hill lease extension today:

A Noak Hill leasehold property depreciates with the years remaining on the lease.

Noak Hill residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 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 residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Some will simply refuse lend at all once the residual lease term slips lower than a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are wanting to refinance your Noak Hill property.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Noak Hill lease extension solicitors or enfranchisement solicitors

Lease extensions in Noak Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Noak Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Noak Hill Lease Extension Case Studies:

Hollie, Noak Hill, London,

Subsequent to unsuccessful correspondence with the freeholder of her ground floor flat in Noak Hill, Hollie commenced the lease extension process as the 80 year mark was swiftly approaching. The legal work was concluded in November 2014. The landlord’s fees were negotiated to under four hundred pounds.

Noak Hill case:

Last Autumn we were phoned by Ms T Roux , who purchased a purpose-built flat in Noak Hill in July 2006. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparable homes in Noak Hill with 100 year plus lease were valued around £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease expiry date was on 9 January 2094. Taking into account 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.

Decision in Havering

An example of a Lease Extension decision for a Noak Hill residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.