Emersons Green leases on residential deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher amount will be payable. Leasehold owners in Emersons Green will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some cases you may not qualify. There are prescribed deadlines and steps to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Yorkshire Building Society |
Regardless of whether you are a tenant or a freeholder in Emersons Green,the lease extension lawyers 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 Emersons Green valuers.
Finn owned a 2 bedroom flat in Emersons Green on the market with a lease of a little over 72 years outstanding. Finn on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder 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 Finn to exercise his statutory right. Finn procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
Dr U Dupont moved into a first floor flat in Emersons Green in July 1997. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Emersons Green with 100 year plus lease were valued around £181,600. The mid-range amount of ground rent was £55 collected yearly. The lease concluded on 11 June 2078. Considering the 52 years remaining we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of fees.
Last January we were e-mailed by Mr and Mrs. N Evans , who bought a ground floor flat in Emersons Green in September 2002. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar flats in Emersons Green with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ran out in 2098. Considering the 72 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 not including legals.