Chances are that where you own a flat in Emerson Park you actually own a long leasehold interest over your property
Leasehold premises in Emerson Park with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | 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. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Emerson Park can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge 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.
Blake owned a 2 bedroom apartment in Emerson Park on the market with a lease of just over 59 years unexpired. Blake on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
Last Winter we were called by Mr and Mrs. V Young , who acquired a newly refurbished apartment in Emerson Park in April 2009. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Emerson Park with a long lease were in the region of £264,000. The average amount of ground rent was £60 billed quarterly. The lease lapsed on 18 April 2077. Considering the 53 years left we approximated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a Emerson Park residence 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 was in relation to 1 flat. The unexpired term was 57.5 years.