Main reasons to start your Norbiton lease extension

Main reasons to commence your Norbiton lease extension today:

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

Norbiton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Norbiton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Norbiton you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Norbiton leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Norbiton with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

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

Banks and building societies will not grant a mortgage on short residential leases. You are likely to experience difficulties where you need to sell your flat in Norbiton if the remaining term of your lease is less than the criteria set by the majority of lenders. Different mortgage companies have varying criteria but generally theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Norbiton?

Using our service will provide you increased control over the value of your Norbiton leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Norbiton Lease Extension Example Cases:

Caleb, Norbiton, South West London,

Caleb owned a 2 bedroom flat in Norbiton being marketed with a lease of a little over 59 years outstanding. Caleb on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert advice and was able to make an informed decision and deal with the matter and sell the flat.

Norbiton case:

Mr B Stewart acquired a purpose-built flat in Norbiton in September 2001. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Norbiton with an extended lease were worth £265,200. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed on 21 June 2092. Considering the 66 years unexpired we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of fees.