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

Why you should start your Fulham lease extension today:

Increase your lease and increase your Fulham property value

The market 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 a lease extension can increase significantly once the unexpired lease term is less than eighty years

Fulham property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Fulham with more than one hundred 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not finance a property with a short lease

Banks and building societies are really restricting their approach as regards to homes in Fulham with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting the amount of potential buyers.

Lender Requirement
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 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 Example Cases:

Jessica, Fulham, West London,

Following unsuccessful negotiations with the landlord of her basement apartment in Fulham, Jessica initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The lease extension completed in October 2012. The freeholder’s costs were restricted to below six hundred pounds.

Fulham case:

Last month we were phoned by Mr and Mrs. W López , who moved into a garden apartment in Fulham in January 1998. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparative properties in Fulham with a long lease were valued about £270,000. The average ground rent payable was £55 invoiced quarterly. The lease elapsed on 17 July 2101. Considering the 75 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Decision in Hammersmith and Fulham

An example of a Freehold Enfranchisement decision for a Fulham premises 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 residue of the current lease was 93 years and 162 years.