Main reasons to commence your Earls Court lease extension

Why you should start your Earls Court lease extension today:

Increase your lease and increase your Earls Court property value

The market value of Earls Court leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than 80 years

Earls Court property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be unacceptable for lending purposes.

Why use us for your lease extension in Earls Court?

Lease extensions in Earls Court can be a difficult process. We recommend you get professional help from a lawyer 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 a wealth of experience dealing with Earls Court lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Earls Court Lease Extension Case Summaries:

Henry, Earls Court, West London,

Henry was the the leasehold proprietor of a 2 bedroom flat in Earls Court on the market with a lease of fraction over 72 years outstanding. Henry on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Henry to exercise his statutory right. Henry obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Earls Court case:

In 2014 we were contacted by Mr and Mrs. C Bertrand who, having acquired a first floor flat in Earls Court in September 1995. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparative premises in Earls Court with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 collected every twelve months. The lease came to a finish on 26 March 2079. Given that there were 53 years outstanding we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.