Why you should start your Emerson Park lease extension

Why you should commence your Emerson Park lease extension today:

A Emerson Park lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Emerson Park you actually own a long leasehold interest over your property

Emerson Park property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As many flats in Emerson Park were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Emerson Park lease extensions?

Lease extensions in Emerson Park can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 dealing with 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.

Emerson Park Lease Extension Case Studies:

Grace, Emerson Park, London,

In the wake of eight months of lengthy correspondence with the freeholder of her basement flat in Emerson Park, Grace commenced the lease extension process as the 80 year deadline was swiftly approaching. The legal work completed in October 2012. The landlord’s costs were kept to an absolute minimum.

Emerson Park case:

In 2011 we were phoned by Mr J White who, having owned a studio flat in Emerson Park in May 1995. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical premises in Emerson Park with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 invoiced annually. The lease concluded on 22 March 2099. Considering the 73 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.