Main reasons to commence your Fulham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fulham property value

With a domestic leasehold premises in Fulham, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are less than eighty years remaining. Leasehold owners in Fulham with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has below eighty years left, under the current statute the freeholder can calculate and levy a greater amount, assessed on a technical multiplication, known as “marriage value” which is due.

Fulham property with a lease extension has roughly 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 additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems if you need to sell your flat in Fulham if the remaining lease term is below the criteria set by most banks and building societies. Different lenders have different criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

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

The lawyers that we work with handle Fulham 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.

Fulham Lease Extension Example Cases:

Natalie, Fulham, West London,

After unsuccessful correspondence with the landlord of her ground floor apartment in Fulham, Natalie commenced the lease extension process as the 80 year threshold was rapidly advancing. The transaction completed in September 2011. The freeholder’s fees were negotiated to slightly above 650 GBP.

Fulham case:

Last Winter we were approach by Dr K Martinez , who completed a one bedroom apartment in Fulham in July 2000. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Identical flats in Fulham with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 billed every twelve months. The lease ended on 8 November 2077. Having 51 years remaining we approximated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of expenses.