Top reasons for 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.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Upper Norwood. Clearly, the term of lease left shortens as time goes by. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Upper Norwood have the right to extend the lease for an additional 90 years in accordance with statute. You should give careful consideration before delaying your Upper Norwood lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to lend with a short lease

Lenders are really restricting their approach as regards to homes in Upper Norwood with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

Get in touch with one of our Upper Norwood lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Upper Norwood,the lease extension lawyers that we work with will always be willing 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 Summaries:

Caitlin, Upper Norwood, South London,

Off the back of lengthy discussions with the landlord of her two bedroom apartment in Upper Norwood, Caitlin commenced the lease extension process just as her lease was nearing the all-important eighty-year deadline. The legal work completed in July 2007. The freeholder’s charges were kept to an absolute minimum.

Upper Norwood case:

Dr F White moved into a one bedroom flat in Upper Norwood in June 2010. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical properties in Upper Norwood with 100 year plus lease were valued about £191,400. The average ground rent payable was £55 collected per annum. The lease expired on 19 August 2080. Given that there were 54 years as a residual term we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus costs.