Top reasons for Norbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Norbury property value

For anyone whose Norbury property is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Norbury property becoming difficult to sell or remortgage.

What makes us experts in Norbury lease extensions?

Engaging our service will provide you increased control over the value of your Norbury leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Norbury Lease Extension Example Cases:

Adam, Norbury, South London

In 2014 Adam, started to get close to the 80-year mark with the lease on his first floor apartment in Norbury. Having purchased his flat twenty years ago, the lease term was of minimal interest. Luckily, he recognised he would soon be paying way over the odds for Extending the lease. Adam was able to extend his lease at the eleventh hour last January. Adam and the landlord who owned the flat above in the end settled on an amount of £6,000 . If he had missed the deadline, the price would have gone up by a minimum £950.

Norbury case:

Mr and Mrs. Y Moreau bought a one bedroom apartment in Norbury in January 1995. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative flats in Norbury with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired on 21 June 2102. Having 76 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.