As the length of the unexpired term of a Upper Norwood domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. Many flat owners in Upper Norwood will meet the qualifying criteria; that being said a conveyancer will be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Lease extensions in Upper Norwood 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 a wealth of experience procuring Upper Norwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the freeholder of her leasehold apartment in Upper Norwood, Aimee initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was finalised in July 2014. The freeholder’s fees were negotiated to a tad over 650 GBP.
Mrs Chelsea André moved into a ground floor flat in Upper Norwood in February 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar properties in Upper Norwood with a long lease were in the region of £225,800. The average ground rent payable was £60 billed monthly. The lease ran out in 2084. Taking into account 60 years remaining we estimated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 plus fees.
An example of a Lease Extension matter before the tribunal for a Upper Norwood flat is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The remaining number of years on the lease was 26.38 years.