Why you should start your Norbury lease extension

Top reasons for lease extension now:

A Norbury leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Norbury lease terms. Norbury leaseholds that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost to extend your lease will go up.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not loan monies on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is likely that someone wishing to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Norbury lease extension solicitors or enfranchisement solicitors

Lease extensions in Norbury can be a difficult process. We recommend you secure professional help 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 in-depth market knowledge 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 Case Studies:

Aaron, Norbury, South London

In recent months Aaron, came dangerously near to the 80-year mark with the lease on his ground floor flat in Norbury. Having bought his home two decades ago, the unexpired term was of no importance. by good luck, it dawned on him that he would imminently be paying way over the odds for a lease extension. Aaron arranged for a lease extension at the eleventh hour in July. Aaron and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had dipped to less than eighty years, the amount would have increased by a minimum £850.

Norbury case:

In 2010 we were called by Dr Nathan Khan who, having acquired a basement flat in Norbury in June 1997. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Comparable premises in Norbury with an extended lease were worth £210,000. The average amount of ground rent was £50 billed monthly. The lease expired in 2106. Given that there were 80 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.