With a long leasehold premises in Emsworth, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years left. Anyone in Emsworth with a lease drawing near to 81 years left should seriously consider extending it sooner as opposed to later. Once a lease has less than eighty years remaining, under the relevant Act the freeholder can calculate and demand a larger amount, assessed on a technical computation, known as “marriage value” which is payable.
Leasehold properties in Emsworth with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Emsworth can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer 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 procuring Emsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua owned a high value flat in Emsworth on the market with a lease of a few days over fifty eight years left. Joshua informally contacted his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Joshua to invoke his statutory right. Joshua procured expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
Last year we were phoned by Dr Harry Ali , who was assigned a lease of a one bedroom apartment in Emsworth in May 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Emsworth with a long lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected yearly. The lease expired on 7 June 2095. Taking into account 69 years remaining we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.
Last Winter we were contacted by Mr and Mrs. H Morel , who owned a one bedroom flat in Emsworth in June 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Similar homes in Emsworth with 100 year plus lease were valued about £216,000. The mid-range amount of ground rent was £60 collected monthly. The lease expired on 6 April 2084. Given that there were 58 years unexpired we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including legals.