Stop! Your Lease Extension in Fulham Could Be FREE

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Many leaseholders in Fulham 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 Fulham 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 commence your Fulham lease extension

Main reasons to start your Fulham lease extension today:

A Fulham lease depreciates with the years remaining on the lease.

Fulham residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

Leasehold residencies in Fulham with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not finance a property with a short lease

Lenders are really clamping down as regards to properties in Fulham with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. 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 narrowing the amount of prospective buyers.

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.
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.
Godiva Mortgages 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Irrespective of whether you are a tenant or a landlord in Fulham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fulham valuers.

Fulham Lease Extension Case Summaries:

Ben, Fulham, West London

Last Winter Ben, came very near to the eighty-year threshold with the lease on his leasehold apartment in Fulham. In buying his property two decades ago, the unexpired term was of minimal significance. As luck would have it, he realised he would soon be paying way over the odds for Extending the lease. Ben extended the lease just ahead of time last April. Ben and the freeholder subsequently agreed on an amount of £6,000 . If the lease had fallen lower than 80 years, the price would have gone up by at least £1,000.

Fulham case:

Mr and Mrs. N Bernard purchased a one bedroom flat in Fulham in July 1996. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable residencies in Fulham with a long lease were worth £186,000. The average ground rent payable was £65 collected monthly. The lease expiry date was in 2084. Given that there were 58 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £24,700 and £28,600 exclusive of expenses.

Decision in Hammersmith and Fulham

An example of a Freehold Enfranchisement decision for a Fulham flat is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case was in relation to 2 flats. The unexpired lease term was 93 years and 162 years.