Why you should commence your Norbury lease extension

Main reasons to commence your Norbury lease extension today:

Increase your lease and increase your Norbury property value

Norbury leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Norbury will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and formalities to comply with once the process has commenced 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 premises in Norbury with in excess of 100 years left on the lease are often regarded as a ‘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 buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties once you need to dispose of or refinance your property as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer must wait a couple of years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Norbury?

The lawyers that we work with procure Norbury 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.

Norbury Lease Extension Case Summaries:

Eliot, Norbury, South London,

Eliot owned a 2 bedroom apartment in Norbury being marketed with a lease of fraction over sixty years remaining. Eliot informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Eliot to invoke his statutory right. Eliot procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Norbury case:

Mr O Anderson completed a ground floor apartment in Norbury in September 2009. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Norbury with an extended lease were worth £208,600. The mid-range ground rent payable was £60 invoiced yearly. The lease expired on 13 May 2083. Taking into account 57 years outstanding we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of legals.