Why you should start your Upper Norwood lease extension

Why you should start your Upper Norwood lease extension today:

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

Upper Norwood leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Upper Norwood enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Upper Norwood you should investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

Leasehold residencies in Upper Norwood with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Upper Norwood were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Upper Norwood?

Lease extensions in Upper Norwood can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 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:

Kelsey, Upper Norwood, South London,

In the wake of eight months of lengthy discussions with the landlord of her basement flat in Upper Norwood, Kelsey started the lease extension process just as her lease was approaching the critical eighty-year threshold. The transaction was finalised in June 2010. The freeholder’s fees were kept to an absolute minimum.

Upper Norwood case:

Mr and Mrs. R Moore was assigned a lease of a purpose-built apartment in Upper Norwood in June 2007. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparative residencies in Upper Norwood with a long lease were valued around £290,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease finished in 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.