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Main reasons to commence your Emsworth lease extension

Main reasons to commence your Emsworth lease extension today:

A Emsworth leasehold property depreciates with the years remaining on the lease.

The market value of Emsworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Most high street banks are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Emsworth were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Chelsea 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.
Godiva Mortgages 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Emsworth?

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.

Emsworth Lease Extension Case Studies:

Danielle, Emsworth, Hampshire,

Off the back of lengthy negotiations with the landlord of her purpose-built flat in Emsworth, Danielle initiated the lease extension process as the eighty year threshold was rapidly coming. The legal work completed in October 2014. The freeholder’s fees were kept to an absolute minimum.

Emsworth case:

Last Autumn we were phoned by Mr and Mrs. S Taylor , who took over the lease of a ground floor flat in Emsworth in March 2004. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparative premises in Emsworth with a long lease were worth £243,000. The average amount of ground rent was £65 collected quarterly. The lease elapsed on 14 March 2088. Having 63 years remaining we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including fees.

Emsworth case:

In 2010 we were contacted by Mr Leo Davis who, having took over the lease of a one bedroom flat in Emsworth in March 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Emsworth with 100 year plus lease were worth £181,600. The average ground rent payable was £55 invoiced per annum. The lease terminated on 19 June 2077. Having 52 years as a residual term we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including costs.