Main reasons to start your Earlsfield lease extension

Main reasons to commence your Earlsfield lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Earlsfield. Inevitably, the period of lease remaining shortens over time. This may slip by relatively unnoticed when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Earlsfield have the legal entitlement to extend the lease for a further 90 years under statute. Do give careful attention before putting off your Earlsfield lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold premises in Earlsfield with over one hundred years unexpired 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not lend with a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold homes. Many will simply not lend at all once the residual lease term drops under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Earlsfield home.

Why use us for your lease extension in Earlsfield?

Using our service gives you increased control over the value of your Earlsfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Earlsfield Lease Extension Case Summaries:

Aarav, Earlsfield, South West London,

Aarav was the the leasehold proprietor of a studio apartment in Earlsfield on the market with a lease of just over sixty years unexpired. Aarav on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Earlsfield case:

In 2010 we were approached by Mr and Mrs. L Lefebvre who, having bought a first floor flat in Earlsfield in April 1999. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative premises in Earlsfield with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed on 14 July 2091. Considering the 65 years outstanding we estimated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including costs.