Why you should commence your Norwood Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Norwood Green property value

The market value of Norwood Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

Norwood Green property with a lease extension has roughly the same value as a freehold

Leasehold premises in Norwood Green with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic once you need to sell or remortgage your property as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your buyer will need to hold off for a couple of years before being able to exercise the right to a a lease extension.

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

Lease extensions in Norwood Green can be a difficult process. We recommend you obtain professional help from a lawyer 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 dealing with Norwood Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Norwood Green Lease Extension Case Summaries:

Jonathan, Norwood Green, West London

Last year Jonathan, came dangerously near to the eighty-year mark with the lease on his garden flat in Norwood Green. Having purchased his property 18 years previously, the lease term was of minimal concern. by good luck, he became aware that he needed to take steps soon on Extending the lease. Jonathan extended the lease at the eleventh hour last July. Jonathan and the freeholder subsequently settled on a premium of £5,000 . If he had missed the deadline, the sum would have increased by at least £1,050.

Norwood Green case:

Dr Grace Mason bought a garden apartment in Norwood Green in January 2005. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Norwood Green with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 billed annually. The lease terminated in 2104. Considering the 78 years remaining we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.