Why you should start your Earlsfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Earlsfield property value

The value of Earlsfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

Earlsfield property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Nearly all mortgage lenders will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Earlsfield property being difficult to dispose of or remortgage.

What makes us experts in Earlsfield lease extensions?

The conveyancing solicitors that we work with undertake Earlsfield 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.

Earlsfield Lease Extension Case Studies:

Ibrahim, Earlsfield, South West London,

Ibrahim was the the leasehold proprietor of a high value apartment in Earlsfield being marketed with a lease of just over sixty years outstanding. Ibrahim on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Earlsfield case:

In 2012 we were contacted by Mrs Yasmin Sánchez who, having completed a purpose-built apartment in Earlsfield in May 1997. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical properties in Earlsfield with a long lease were valued around £240,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease lapsed in 2088. Given that there were 62 years remaining we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including expenses.