Earlsfield Lease Extension - Free Consultation

Before you progress with your lease extension in Earlsfield
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Earlsfield lease extension


Top reasons for lease extension now:

Increase your lease and increase your Earlsfield property value

Earlsfield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Earlsfield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Earlsfield you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold premises in Earlsfield with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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.

Lenders may not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to homes in Earlsfield with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential buyers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire 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.

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

Engaging our service gives you increased control over the value of your Earlsfield leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Earlsfield Lease Extension Example Cases:

Hugo, Earlsfield, South West London

During the course of the last few months Hugo, started to get near to the eighty-year threshold with the lease on his garden flat in Earlsfield. Having bought his flat 19 years ago, the lease term was of minimal interest. by good luck, he recognised he needed to take action soon on Extending the lease. Hugo arranged for a lease extension just under the wire in May. Hugo and the freeholder via the management company ultimately agreed on sum of £6,000 . If the lease had fallen lower than eighty years, the amount would have escalated by at least £900.

Earlsfield case:

Last year we were called by Mr Oscar Cook , who owned a one bedroom flat in Earlsfield in August 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Earlsfield with an extended lease were worth £235,600. The mid-range amount of ground rent was £60 collected per annum. The lease ended on 10 June 2086. Considering the 62 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.

Decision in Wandsworth

An example of a Freehold Enfranchisement decision for a Earlsfield residence is 35 Trewint Street in February 2012. The Tribunal arrived at a premium of £32 425 for the freehold reversion. The matter was transferred back to the court for further consideration which required the applicants pay the premium (less any assessed costs) into court after which the court would execute a transfer of the freehold. This case related to 2 flats. The remaining number of years on the lease was 70.57 years.