Emerson Park leases on residential deteriorating in value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease drops lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in Emerson Park will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Emerson Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 Emerson Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Lucas owned a studio apartment in Emerson Park being marketed with a lease of just over sixty years remaining. Lucas on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Lucas to invoke his statutory right. Lucas procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.
In 2009 we were phoned by Dr Amelia Torres who, having bought a purpose-built flat in Emerson Park in April 2007. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Identical properties in Emerson Park with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease finished in 2102. Taking into account 78 years unexpired we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus professional charges.
An example of a Lease Extension case for a Emerson Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired lease term was 57.5 years.