Top reasons for Norbury lease extension

Why you should start your Norbury lease extension today:

Increase your lease and increase your Norbury property value

The only way is down when it comes to Norbury lease terms. Norbury properties that have a remaining term fewer than eighty years will de-escalate in value even faster, and the cost of extending your lease will rise.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Almost all banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Norbury property becoming difficult to sell or refinance.

Why use us for your lease extension in Norbury?

Lease extensions in Norbury can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

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 procuring Norbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Norbury Lease Extension Example Cases:

Benjamin, Norbury, South London

In recent months Benjamin, came dangerously near to the eighty-year threshold with the lease on his two bedroom apartment in Norbury. In buying his property two decades ago, the unexpired term was of minimal importance. Thankfully, he noticed he would soon be paying an escalated premium for Extending the lease. Benjamin was able to extend his lease just in the nick of time last September. Benjamin and the freeholder via the managing agents subsequently agreed on sum of £5,500 . If the lease had fallen to less than eighty years, the sum would have escalated by a minimum £1,150.

Norbury case:

Last Autumn we were phoned by Mrs E Wilson , who moved into a studio apartment in Norbury in January 2007. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical homes in Norbury with 100 year plus lease were worth £275,000. The average ground rent payable was £65 billed quarterly. The lease ended in 2094. Considering the 68 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.