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Get a quote from one of our lease extension experts with over 20 years experience.

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It may end up saving you thousands.

Why you should start your Norbury lease extension

Main reasons to start your Norbury lease extension today:

Increase your lease and increase your Norbury property value

The market value of Norbury 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 remaining term is below than 80 years

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not lend with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold homes. Many will simply not lend at all once the remaining lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are wanting to refinance your Norbury property.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires 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.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

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

Irrespective of whether you are a tenant or a freeholder in Norbury,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Norbury valuers.

Norbury Lease Extension Case Studies:

Eleanor, Norbury, South London,

In the wake of 6 months of protracted correspondence with the landlord of her basement apartment in Norbury, Eleanor initiated the lease extension process as the eighty year mark was swiftly approaching. The transaction was concluded in March 2005. The freeholder’s costs were negotiated to about 500 pounds.

Norbury case:

In 2009 we were contacted by Mr Owen Bonnet who, having took over the lease of a one bedroom flat in Norbury in July 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Identical properties in Norbury with an extended lease were worth £295,000. The mid-range ground rent payable was £50 collected yearly. The lease expired in 2099. Taking into account 75 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.

Decision in Lambeth

An example of a Lease Extension case for a Norbury premises is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case affected 1 flat. The unexpired lease term was 23.25 years.