As the the remaining lease term of a Emersons Green domestic lease lessens so does its value and therefore the value of your property. If the lease has, beyond 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Most flat owners in Emersons Green will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
Lease extensions in Emersons Green can be a difficult process. We recommend you procure guidance 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.
Following protracted discussions with the freeholder of her purpose-built flat in Emersons Green, Alice started the lease extension process as the 80 year mark was fast advancing. The lease extension was concluded in February 2009. The landlord’s costs were kept to an absolute minimum.
In 2014 we were called by Mr and Mrs. L Hall who, having bought a first floor apartment in Emersons Green in May 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Identical flats in Emersons Green with 100 year plus lease were worth £223,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed in 2085. Given that there were 59 years outstanding we approximated the premium to the landlord to extend the lease to be within £27,600 and £31,800 plus costs.
In 2014 we were called by Mr and Mrs. J Cooper who, having completed a one bedroom apartment in Emersons Green in May 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Identical flats in Emersons Green with an extended lease were valued around £205,000. The average ground rent payable was £50 collected annually. The lease finished on 9 April 2105. Having 79 years remaining we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.