Main reasons to commence your Fulham lease extension

Why you should start your Fulham lease extension today:

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

Fulham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Fulham tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Fulham you must check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Fulham leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Fulham with more than 100 years unexpired on the lease are sometimes referred to as ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not grant a mortgage on a short lease

Why use us for your lease extension in Fulham?

The conveyancing solicitors that we work with procure 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 conveyancing solicitor we work with provide it.

Fulham Lease Extension Case Studies:

Zachary, Fulham, West London,

Zachary was the the leasehold proprietor of a studio flat in Fulham being marketed with a lease of a little over 61 years left. Zachary informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be due on a lease extension were Zachary to invoke his statutory right. Zachary procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Fulham case:

In 2013 we were approached by Mr B Allen who, having was assigned a lease of a one bedroom apartment in Fulham in March 2012. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable residencies in Fulham with an extended lease were worth £280,000. The mid-range ground rent payable was £55 collected yearly. The lease came to a finish on 12 March 2104. Given that there were 78 years remaining we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.