Main reasons to commence your Norbiton lease extension

Why you should commence your Norbiton lease extension today:

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

With a long leasehold property in Norbiton, you are actually buying a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Residents in Norbiton with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When a lease has under 80 years outstanding, under the relevant statute the freeholder is entitled to calculate and demand a larger amount, based on a technical computation, strangely termed as “marriage value” which is due.

Norbiton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Norbiton if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Norbiton?

Lease extensions in Norbiton can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring 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 Example Cases:

Ethan, Norbiton, South West London

During the course of the last few months Ethan, came precariously near to the 80-year threshold with the lease on his leasehold apartment in Norbiton. Having purchased his property 19 years ago, the length of the lease was of minimal significance. by good luck, he recognised he needed to take steps soon on Extending the lease. Ethan arranged for a lease extension just under the wire last April. Ethan and the landlord subsequently settled on the final figure of £6,000 . If he not met the deadline, the premium would have increased by at least £875.

Norbiton case:

Mr and Mrs. F Davies took over the lease of a ground floor flat in Norbiton in November 2012. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical properties in Norbiton with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease lapsed on 17 May 2100. Considering the 74 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.