Why you should commence your Norbiton lease extension

Why you should start your Norbiton lease extension today:

Increase your lease and increase your Norbiton property value

Norbiton leases on residential properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be due. Leasehold owners in Norbiton will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Lending institutions have specific criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term slips under a specified unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Norbiton property.

What makes us experts in Norbiton lease extensions?

Lease extensions in Norbiton can be a difficult process. We recommend you secure 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 dealing with 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:

Felix, Norbiton, South West London,

Felix was the the leasehold owner of a high value flat in Norbiton being marketed with a lease of a little over fifty eight years remaining. Felix on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to exercise his statutory right. Felix obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Norbiton case:

Mr H Lefebvre was assigned a lease of a one bedroom flat in Norbiton in April 1999. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar properties in Norbiton with 100 year plus lease were worth £179,200. The average amount of ground rent was £55 collected annually. The lease concluded on 23 June 2077. Considering the 51 years unexpired we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of expenses.