Top reasons for Upper Norwood lease extension

Main reasons to commence your Upper Norwood lease extension today:

Increase your lease and increase your Upper Norwood property value

Unfortunately that a Upper Norwood residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Upper Norwood property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Upper Norwood will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend with a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Upper Norwood were built in the fifties, sixties and seventies 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 get professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 procuring 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:

Eliot, Upper Norwood, South London

Half a year ago Eliot, started to get close to the 80-year mark with the lease on his first floor flat in Upper Norwood. In buying his flat two decades ago, the lease term was of no bearing. Thankfully, he recognised he would soon be paying way over the odds for a lease extension. Eliot extended the lease just under the wire last April. Eliot and the freeholder via the management company subsequently settled on an amount of £6,000 . If he failed to meet the deadline, the sum would have become more costly by at least £900.

Upper Norwood case:

Mr Ben Turner took over the lease of a ground floor flat in Upper Norwood in June 2003. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Upper Norwood with a long lease were valued about £216,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish in 2084. Given that there were 58 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including costs.