Stop! Your Lease Extension in Norwood Green Could Be FREE

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Many leaseholders in Norwood Green are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Norwood Green has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Norwood Green lease extension

Main reasons to commence your Norwood Green lease extension today:

Increase your lease and increase your Norwood Green property value

On the balance of probabilities if you own a flat in Norwood Green you actually own a long leasehold interest over your property

An extended lease has roughly 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 ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may cause difficulties as and when you need to dispose of or refinance your property as it will be practically unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser will need to hold off for two years before being able to initiate the legal procedures for an extension to the lease.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

Why use us for your lease extension in Norwood Green?

Engaging our service will provide you better control over the value of your Norwood Green leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Norwood Green Lease Extension Example Cases:

Isabelle, Norwood Green, West London,

Trailing protracted discussions with the freeholder of her studio apartment in Norwood Green, Isabelle initiated the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was finalised in June 2008. The freeholder’s fees were negotiated to approximately 650 GBP.

Norwood Green case:

Last January we were approach by Dr Ben Mitchell , who bought a first floor flat in Norwood Green in May 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical properties in Norwood Green with a long lease were worth £206,200. The average ground rent payable was £60 collected per annum. The lease expired in 2082. Having 56 years unexpired we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including legals.

Decision in Ealing

An example of a Freehold Enfranchisement case for a Norwood Green residence is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case was in relation to 2 flats. The unexpired term was 72.39 years.