The market value of Emersons Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years
Leasehold residencies in Emersons Green with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Emersons Green can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.
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 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.
Trailing unsuccessful negotiations with the landlord of her studio apartment in Emersons Green, Anna started the lease extension process as the 80 year threshold was fast coming. The legal work was finalised in April 2013. The freeholder’s fees were negotiated to slightly above 450 GBP.
Last Winter we were contacted by Ms Bethan Rivera , who bought a first floor apartment in Emersons Green in January 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical residencies in Emersons Green with 100 year plus lease were valued about £267,600. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired on 26 August 2093. Having 67 years unexpired we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of fees.
Last Winter we were called by Dr H Kelly , who owned a first floor flat in Emersons Green in March 1999. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparable homes in Emersons Green with a long lease were valued about £206,200. The average ground rent payable was £60 collected monthly. The lease concluded on 1 May 2082. Given that there were 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.