Why you should start your Fulham lease extension

Top reasons for lease extension now:

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 a lease extension can escalate materialy once the unexpired lease term is below than eighty years

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

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Fulham were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Fulham?

Retaining our service gives you better control over the value of your Fulham leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Fulham Lease Extension Example Cases:

Thomas, Fulham, West London,

Thomas was the the leasehold owner of a conversion apartment in Fulham on the market with a lease of just over fifty eight years left. Thomas informally approached his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Thomas to invoke his statutory right. Thomas procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Fulham case:

In 2011 we were called by Mr and Mrs. V Morel who, having took over the lease of a first floor apartment in Fulham in February 2005. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparable homes in Fulham with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 billed per annum. The lease concluded on 14 February 2100. Having 74 years left we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.