Top reasons for Norbiton lease extension

Main reasons to start your Norbiton lease extension today:

A Norbiton leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Norbiton residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Norbiton property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher amount will be due. The majority of leasehold owners in Norbiton will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Norbiton with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Norbiton were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Norbiton can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 dealing with Norbiton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Norbiton Lease Extension Case Summaries:

Sophia, Norbiton, South West London,

Subsequent to unsuccessful negotiations with the freeholder of her first floor apartment in Norbiton, Sophia started the lease extension process just as her lease was nearing the critical 80-year threshold. The lease extension was finalised in October 2005. The landlord’s charges were restricted to slightly above four hundred pounds.

Norbiton case:

Last Autumn we were called by Mr and Mrs. N Brown , who acquired a one bedroom apartment in Norbiton in August 2010. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable residencies in Norbiton with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 billed quarterly. The lease concluded on 4 March 2093. Considering the 68 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.