Why you should start your Fulham lease extension

Main reasons to start your Fulham lease extension today:

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

Fulham leases on residential properties are gradually losing value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Fulham will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

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

Nearly all mortgage companies will not grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Fulham property becoming difficult to sell or refinance.

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

Lease extensions in Fulham can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Fulham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fulham Lease Extension Example Cases:

Sam, Fulham, West London,

Sam owned a high value flat in Fulham being marketed with a lease of fraction over fifty eight years remaining. Sam informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sam to exercise his statutory right. Sam obtained expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Fulham case:

Mrs E Pérez purchased a newly refurbished apartment in Fulham in January 2008. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Identical premises in Fulham with 100 year plus lease were worth £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease elapsed on 15 September 2096. Considering the 70 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.