Main reasons to commence your Norbiton lease extension

Why you should start your Norbiton lease extension today:

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

Norbiton leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be payable. Flat owners in Norbiton will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Norbiton with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Norbiton with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Norbiton lease extensions?

The lawyers 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 conveyancer we work with provide it.

Norbiton Lease Extension Example Cases:

Eleanor, Norbiton, South West London,

Off the back of lengthy correspondence with the landlord of her studio apartment in Norbiton, Eleanor initiated the lease extension process as the eighty year deadline was quickly approaching. The lease extension was finalised in October 2012. The landlord’s charges were kept to an absolute minimum.

Norbiton case:

In 2014 we were called by Mr and Mrs. P Martin who, having acquired a studio apartment in Norbiton in January 1998. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable premises in Norbiton with 100 year plus lease were in the region of £223,400. The average amount of ground rent was £60 invoiced monthly. The lease lapsed on 18 March 2085. Considering the 59 years outstanding we estimated the premium to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of legals.