Main reasons to start your Norwood Green lease extension

Top reasons for lease extension now:

A Norwood Green leasehold property depreciates with the years remaining on the lease.

Norwood Green leases on residential deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Flat owners in Norwood Green will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Norwood Green with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not grant a mortgage with a short lease

What makes us experts in Norwood Green lease extensions?

Lease extensions in Norwood Green can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 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 Example Cases:

Theo, Norwood Green, West London,

Theo was the the leasehold owner of a conversion apartment in Norwood Green being marketed with a lease of just over 59 years outstanding. Theo informally approached his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Theo to exercise his statutory right. Theo obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Norwood Green case:

Mr and Mrs. P Allen moved into a purpose-built flat in Norwood Green in October 2000. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Norwood Green with an extended lease were in the region of £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed in 2095. Considering the 69 years unexpired we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.