Why you should commence your Norbiton lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Norbiton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as inadequate security.

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

The conveyancing solicitors that we work with undertake Norbiton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Norbiton Lease Extension Example Cases:

Ibrahim, Norbiton, South West London,

Ibrahim owned a conversion apartment in Norbiton being sold with a lease of fraction over fifty eight years left. Ibrahim informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Ibrahim to exercise his statutory right. Ibrahim obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Norbiton case:

Mr Jacob Allen was assigned a lease of a one bedroom apartment in Norbiton in September 1998. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar flats in Norbiton with an extended lease were worth £205,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out in 2104. Considering the 78 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £7,600 and £8,800 plus costs.