Stop! Your Lease Extension in Emerson Park Could Be FREE

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Many leaseholders in Emerson Park are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Emerson Park has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Emerson Park lease extension

Top reasons for lease extension now:

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

Unfortunately that a Emerson Park residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Emerson Park property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Emerson Park will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the process.

Emerson Park property with a lease extension has roughly the same value as a freehold

Leasehold premises in Emerson Park with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not finance a property on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be mindful that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they can't obtain a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Get in touch with one of our Emerson Park lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Emerson Park,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Emerson Park valuers.

Emerson Park Lease Extension Example Cases:

Elizabeth, Emerson Park, London,

Subsequent to lengthy negotiations with the freeholder of her garden apartment in Emerson Park, Elizabeth commenced the lease extension process as the eighty year mark was swiftly coming. The legal work completed in March 2005. The freeholder’s fees were kept to an absolute minimum.

Emerson Park case:

In 2012 we were called by Mr and Mrs. R King who, having acquired a one bedroom flat in Emerson Park in October 2002. The dilemma was if we could estimate the premium could be to prolong the lease by a further 90 years. Identical premises in Emerson Park with a long lease were in the region of £203,200. The mid-range amount of ground rent was £65 invoiced per annum. The lease ended in 2087. Taking into account 61 years remaining we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of professional charges.

Decision in Havering

An example of a Lease Extension decision 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 affected 1 flat. The unexpired term as at the valuation date was 57.5 years.