Stop! Your Lease Extension in Norbiton Could Be FREE

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Many leaseholders in Norbiton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Norbiton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Norbiton lease extension

Why you should commence your Norbiton lease extension today:

Increase your lease and increase your Norbiton property value

The market value of Norbiton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

Norbiton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Norbiton with more than 100 years left 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 upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not finance a property on a short lease

Almost all mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be conscious that it is probable that someone wishing to buy your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a landlord in Norbiton,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Norbiton valuers.

Norbiton Lease Extension Example Cases:

David, Norbiton, South West London

18 months ago David, started to get close to the eighty-year threshold with the lease on his leasehold flat in Norbiton. Having purchased his home twenty years ago, the lease term was of no importance. Thankfully, he realised he needed to take steps soon on a lease extension. David arranged for a lease extension just under the wire last January. David and the landlord subsequently agreed on the final figure of £5,000 . If he failed to meet the deadline, the amount would have increased by a minimum £1,100.

Norbiton case:

Last month we were phoned by Mr Joshua Rodríguez , who owned a studio flat in Norbiton in January 2000. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar flats in Norbiton with an extended lease were valued around £216,000. The mid-range ground rent payable was £60 collected quarterly. The lease finished on 4 June 2084. Given that there were 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus fees.

Decision in Kingston upon Thames

An example of a Lease Extension matter before the tribunal for a Norbiton property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.