Unfortunately that a Emersons Green residential lease is a deteriorating asset. As the lease term reduces 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 Emersons Green property prices.Once your lease nears 85ish years, you should start considering 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 dips under eighty years - otherwise a higher amount will be due. The majority of leasehold owners in Emersons Green will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.
It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Emersons Green can be a difficult process. We recommend you secure professional help from a conveyancer 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 Emersons Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to protracted correspondence with the freeholder of her two bedroom flat in Emersons Green, Lily commenced the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension was concluded in October 2015. The landlord’s charges were kept to an absolute minimum.
Mr J González purchased a purpose-built flat in Emersons Green in January 1999. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparative properties in Emersons Green with an extended lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ended on 1 November 2092. Taking into account 66 years left we approximated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 not including fees.
Last month we were called by Mrs Melissa Lee , who was assigned a lease of a garden apartment in Emersons Green in August 2010. The question was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical homes in Emersons Green with an extended lease were valued about £198,800. The mid-range ground rent payable was £55 collected monthly. The lease expired in 2081. Having 55 years outstanding we approximated the premium to the landlord to extend the lease to be between £33,300 and £38,400 plus expenses.