Emsworth residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.
Leasehold properties in Emsworth with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Halifax | |
| TSB | |
| Virgin |
Lease extensions in Emsworth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 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.
Trailing unsuccessful correspondence with the freeholder of her studio flat in Emsworth, Imogen started the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work completed in January 2005. The freeholder’s charges were restricted to about four hundred GBP.
In 2009 we were approached by Ms K Lefèvre who, having completed a studio apartment in Emsworth in January 1997. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Identical homes in Emsworth with 100 year plus lease were worth £257,800. The average amount of ground rent was £65 collected annually. The lease came to a finish on 23 January 2091. Having 65 years left we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including costs.
In 2012 we were approached by Dr Benjamin André who, having acquired a ground floor apartment in Emsworth in September 2012. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparative properties in Emsworth with 100 year plus lease were worth £191,400. The mid-range ground rent payable was £55 billed every twelve months. The lease finished on 14 August 2080. Taking into account 54 years outstanding we estimated the premium to the landlord to extend the lease to be between £34,200 and £39,600 exclusive of expenses.