Main reasons to start your Norwood Green lease extension

Why you should commence your Norwood Green lease extension today:

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

It’s a harsh certainty that a Norwood Green residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Norwood Green property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips below eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Norwood Green will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold premises in Norwood Green with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Norwood Green were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Norwood Green?

Lease extensions in Norwood Green can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

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 procuring 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 Studies:

Seth, Norwood Green, West London,

Seth was the the leasehold proprietor of a conversion flat in Norwood Green being marketed with a lease of just over 72 years remaining. Seth on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Norwood Green case:

In 2012 we were e-mailed by Mrs Amelia Rodríguez who, having bought a garden apartment in Norwood Green in April 2011. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative properties in Norwood Green with 100 year plus lease were valued around £257,800. The average amount of ground rent was £65 invoiced every twelve months. The lease finished on 21 April 2091. Given that there were 65 years remaining we approximated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including expenses.