Stop! Your Lease Extension in Earls Court Could Be FREE

Get a Free Case Review
Many leaseholders in Earls Court are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Earls Court has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Earls Court lease extension

Top reasons for lease extension now:

Increase your lease and increase your Earls Court property value

Earls Court leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Earls Court tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Earls Court you must see if your lease has between 70 and ninety years remaining. There are good reasons why a Earls Court leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is effected without delay

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Coventry Building Society 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.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Earls Court lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Earls Court,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Earls Court valuers.

Earls Court Lease Extension Example Cases:

Samuel, Earls Court, West London

Last Winter Samuel, started to get close to the eighty-year mark with the lease on his first floor flat in Earls Court. Having purchased his home two decades ago, the length of the lease was of little importance. Thankfully, it dawned on him that he would imminently be paying way over the odds for a lease extension. Samuel arranged for a lease extension at the eleventh hour last September. Samuel and the landlord subsequently settled on sum of £5,500 . If he failed to meet the deadline, the amount would have gone up by at least £1,100.

Earls Court case:

Dr Eli François completed a first floor apartment in Earls Court in July 2007. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable premises in Earls Court with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 17 October 2098. Given that there were 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.

Decision in Kensington and Chelsea

An example of a Freehold Enfranchisement case for a Earls Court property is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case affected 5 flats. The number of years remaining on the existing lease(s) was 38.98 years.