Why you should commence your Upper Norwood lease extension

Main reasons to start your Upper Norwood lease extension today:

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

For anyone whose Upper Norwood home is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to issue a mortgage on a short lease

Many mortgage lenders insist on a lengthy amount of time left on a leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone wishing to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of your property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Upper Norwood lease extensions?

Regardless of whether you are a tenant or a landlord in Upper Norwood,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upper Norwood valuers.

Upper Norwood Lease Extension Case Studies:

Harry, Upper Norwood, South London,

Harry was the the leasehold proprietor of a high value apartment in Upper Norwood being sold with a lease of a few days over 59 years outstanding. Harry informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Upper Norwood case:

Last January we were e-mailed by Dr Hugo Flores , who moved into a ground floor apartment in Upper Norwood in September 2006. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparative properties in Upper Norwood with 100 year plus lease were worth £300,000. The average ground rent payable was £50 billed monthly. The lease elapsed in 2102. Considering the 76 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.