Main reasons to commence your Norbiton lease extension

Why you should start your Norbiton lease extension today:

Increase your lease and increase your Norbiton property value

It’s a harsh truth that a Norbiton residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Norbiton property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Norbiton will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer from beginning to end of the process.

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

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

Lending institutions will not finance a property with a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years outstanding on the lease; others may be willing to lend with anything in excess 70 years. With less than 60 years, it may be impossible to get a mortgage in the first place.

Why use us for your lease extension in Norbiton?

Irrespective of whether you are a tenant or a freeholder in Norbiton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Norbiton valuers.

Norbiton Lease Extension Example Cases:

Jayden, Norbiton, South West London,

Jayden was the the leasehold proprietor of a high value flat in Norbiton on the market with a lease of a little over 59 years remaining. Jayden informally approached his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.

Norbiton case:

Last Spring we were approach by Ms Sarah Torres , who owned a first floor apartment in Norbiton in November 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable homes in Norbiton with an extended lease were in the region of £280,000. The average amount of ground rent was £45 invoiced annually. The lease ran out in 2096. Having 70 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.