Emsworth leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Emsworth tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Emsworth you should check if your lease has between seventy and ninety years left. There are good reasons why a Emsworth leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Yorkshire Building Society |
The conveyancers that we work with handle Emsworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Subsequent to lengthy negotiations with the landlord of her ground floor flat in Emsworth, Eleanor commenced the lease extension process as the 80 year deadline was fast advancing. The legal work was concluded in November 2012. The landlord’s fees were restricted to about 700 pounds.
Ms F Davis took over the lease of a basement flat in Emsworth in September 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical homes in Emsworth with 100 year plus lease were worth £184,000. The average ground rent payable was £55 billed annually. The lease expired on 4 April 2079. Given that there were 53 years left we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.
Last Winter we were e-mailed by Mr U Alexander , who purchased a purpose-built flat in Emsworth in November 1996. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar residencies in Emsworth with an extended lease were valued around £290,000. The mid-range ground rent payable was £45 billed yearly. The lease came to a finish on 6 March 2099. Taking into account 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.