Main reasons to commence your Norbiton lease extension

Main reasons to start your Norbiton lease extension today:

Increase your lease and increase your Norbiton property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Norbiton. Inevitably, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Norbiton have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give due attention before delaying your Norbiton lease extension. Putting off that expense now only increases the price you will eventually have to pay to extend your lease

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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to lend on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Norbiton if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different lenders have varying criteria but on the whole theyrequire 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 secure professional help from a lawyer and valuer 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 in-depth market knowledge 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:

Nathan, Norbiton, South West London,

Nathan was the the leasehold owner of a conversion flat in Norbiton on the market with a lease of just over sixty years remaining. Nathan on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Nathan to invoke his statutory right. Nathan obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.

Norbiton case:

Last Autumn we were approach by Mr and Mrs. V Simon , who took over the lease of a purpose-built apartment in Norbiton in September 2000. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable properties in Norbiton with an extended lease were in the region of £198,800. The average ground rent payable was £55 collected every twelve months. The lease lapsed on 13 August 2081. Given that there were 55 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus fees.