Why you should start your Fulham lease extension

Main reasons to commence your Fulham lease extension today:

Increase your lease and increase your Fulham property value

The value of Fulham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than 80 years

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

Leasehold premises in Fulham with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend on a short lease

Banks and building societies are really restricting their approach as regards to homes in Fulham with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

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

Regardless of whether you are a tenant or a freeholder in Fulham,the lease extension experts 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 Fulham valuers.

Fulham Lease Extension Case Summaries:

Laura, Fulham, West London,

Off the back of lengthy correspondence with the landlord of her first floor apartment in Fulham, Laura initiated the lease extension process as the 80 year mark was swiftly nearing. The lease extension completed in January 2011. The freeholder’s costs were restricted to below 550 GBP.

Fulham case:

Mr and Mrs. L Gunderson was assigned a lease of a ground floor apartment in Fulham in July 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Fulham with 100 year plus lease were worth £168,800. The mid-range amount of ground rent was £60 invoiced annually. The lease came to a finish in 2081. Given that there were 55 years unexpired we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of legals.