Why you should start your South Norwood lease extension

Why you should commence your South Norwood lease extension today:

Increase your lease and increase your South Norwood property value

The nearer a residential lease in South Norwood nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond one hundred years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in South Norwood will meet the qualifying criteria; that being said a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold properties in South Norwood with in excess of one hundred years left 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 premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to lend with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems if you wish to sell your flat in South Norwood if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

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

Retaining our service gives you enhanced control over the value of your South Norwood leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

South Norwood Lease Extension Case Studies:

Victoria, South Norwood, South London,

Off the back of unsuccessful negotiations with the landlord of her ground floor apartment in South Norwood, Victoria started the lease extension process as the 80 year deadline was quickly advancing. The lease extension completed in October 2012. The freeholder’s charges were restricted to a tad over five hundred GBP.

South Norwood case:

Last year we were approach by Mr S Parker , who moved into a purpose-built apartment in South Norwood in October 2007. We are asked if we could estimate the price could be to prolong the lease by an additional years. Similar residencies in South Norwood with a long lease were valued around £260,000. The average amount of ground rent was £50 collected monthly. The lease finished in 2098. Having 72 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.