Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Emerson Park. Clearly, the term of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Emerson Park have the right to extend the lease for an additional ninety years under statute. Do give careful attention before putting off your Emerson Park lease extension. Putting off that expense now only increases the price you will ultimately incur to extend your lease
Leasehold properties in Emerson Park with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| 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. |
| Chelsea 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. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Emerson Park can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 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.
Kai owned a high value flat in Emerson Park on the market with a lease of fraction over fifty eight years left. Kai informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Kai to exercise his statutory right. Kai obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.
Mrs Alisha Adams took over the lease of a purpose-built flat in Emerson Park in April 2000. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable premises in Emerson Park with an extended lease were worth £256,600. The average ground rent payable was £60 billed per annum. The lease lapsed on 2 May 2077. Taking into account 52 years unexpired we estimated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of expenses.
An example of a Lease Extension case 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 residue of the current lease was 57.5 years.