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

As the length of the unexpired term of a Upper Norwood residential lease decreases so does its value and therefore the value of your property. If the residual term has, over 100 years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than 80 years left 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 rational as to why you should extend the lease sooner rather than later. Most flat owners in Upper Norwood will qualify for this right; however a conveyancer can advise if you are eligible for a lease extension. 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.

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't secure a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Upper Norwood lease extensions?

Engaging our service will provide you better control over the value of your Upper Norwood leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Upper Norwood Lease Extension Case Studies:

Andrew, Upper Norwood, South London,

Andrew was the the leasehold owner of a 2 bedroom apartment in Upper Norwood on the market with a lease of fraction over 72 years left. Andrew informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Upper Norwood case:

Mr and Mrs. P Wilson bought a studio flat in Upper Norwood in July 2012. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Comparable flats in Upper Norwood with a long lease were worth £171,800. The mid-range ground rent payable was £55 collected every twelve months. The lease ended in 2076. Taking into account 50 years remaining we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of legals.