Why you should start your Emerson Park lease extension

Why you should start your Emerson Park lease extension today:

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

There is no doubt about it a leasehold property in Emerson Park is a wasting asset as a result of the shortening lease. Where the lease has, over 100 years to run then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Emerson Park will qualify for this right; however a conveyancing solicitor will be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering many flats in Emerson Park were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Emerson Park?

Lease extensions in Emerson Park can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge 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 Example Cases:

Oliver, Emerson Park, London

Last Summer Oliver, started to get close to the 80-year mark with the lease on his one bedroom apartment in Emerson Park. In buying his property 19 years ago, the lease term was of no bearing. by good luck, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Oliver arranged for a lease extension at the eleventh hour in January. Oliver and the freeholder via the management company in the end agreed on an amount of £5,500 . If he not met the deadline, the amount would have gone up by a minimum £850.

Emerson Park case:

Last year we were phoned by Mr J Stewart , who was assigned a lease of a basement apartment in Emerson Park in July 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Identical homes in Emerson Park with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected quarterly. The lease lapsed in 2103. Taking into account 77 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.