Why you should start your Upper Norwood lease extension

Main reasons to start your Upper Norwood lease extension today:

Increase your lease and increase your Upper Norwood property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Upper Norwood. Inevitably, the length of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the residence has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Upper Norwood have the right to extend the lease for a further ninety years under Leasehold Reform legislation. Please give due consideration before delaying your Upper Norwood lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease

Upper Norwood property with a lease extension is almost the same value as a freehold

Leasehold properties in Upper Norwood with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not loan monies with a short lease

The trend since 2008 has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Upper Norwood lease extensions?

Lease extensions in Upper Norwood can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

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 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.

Upper Norwood Lease Extension Example Cases:

Jackson, Upper Norwood, South London,

Jackson was the the leasehold owner of a conversion apartment in Upper Norwood on the market with a lease of fraction over 59 years left. Jackson informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to 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 Jackson to invoke his statutory right. Jackson procured expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.

Upper Norwood case:

Mr and Mrs. P Williams moved into a one bedroom apartment in Upper Norwood in February 2007. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparative properties in Upper Norwood with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 billed every twelve months. The lease ended on 10 February 2103. Considering the 77 years outstanding we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.