Main reasons to commence your Norris Green lease extension

Why you should commence your Norris Green lease extension today:

A Norris Green leasehold property depreciates with the years remaining on the lease.

Norris Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Norris Green residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Norris Green you must see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Norris Green property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Get in touch with one of our Norris Green lease extension solicitors or enfranchisement solicitors

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

Norris Green Lease Extension Case Summaries:

Liam, Norris Green, Merseyside,

Liam owned a 2 bedroom flat in Norris Green on the market with a lease of a few days over fifty eight years unexpired. Liam informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Liam to invoke his statutory right. Liam procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.

Norris Green case:

Last February we were approach by Dr W Patel , who owned a newly refurbished flat in Norris Green in August 2008. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Comparative homes in Norris Green with a long lease were worth £235,600. The mid-range ground rent payable was £60 invoiced every twelve months. The lease terminated in 2088. Considering the 62 years left we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.

Norris Green case:

Last month we were approach by Mr and Mrs. S Mercier , who owned a purpose-built apartment in Norris Green in June 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Norris Green with a long lease were valued about £174,200. The average ground rent payable was £55 billed monthly. The lease ended in 2077. Given that there were 51 years unexpired we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including costs.