Chances are that if you own a flat in Fulham you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
Lease extensions in Fulham can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.
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 procuring Fulham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Callum, came seriously close to the eighty-year mark with the lease on his purpose- built apartment in Fulham. In buying his home two decades ago, the unexpired term was of little bearing. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Callum was able to extend his lease just under the wire in January. Callum and the freeholder via the managing agents eventually agreed on the final figure of £6,000 . If the lease had gone lower than eighty years, the amount would have increased by a minimum £975.
In 2010 we were phoned by Mr and Mrs. P Cooper who, having was assigned a lease of a one bedroom flat in Fulham in July 2010. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Fulham with a long lease were in the region of £183,600. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2082. Taking into account 57 years unexpired we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus professional charges.
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 related to 2 flats. The number of years remaining on the existing lease(s) was 93 years and 162 years.