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Why you should start your Mayfair lease extension


Why you should start your Mayfair lease extension today:

Increase your lease and increase your Mayfair property value

As the the remaining lease term of a Mayfair residential lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 99 years to run then this decrease may be negligible however there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending without delay. Most flat owners in Mayfair will meet the qualifying criteria; nevertheless a lawyer should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Mayfair with over 100 years left on the lease are often 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 upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions will not lend on a short lease

Banks and building societies will not lend on short residential leases. You most probably encounter difficulties if you need to sell your flat in Mayfair if the unexpired term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

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.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

What makes us experts in Mayfair lease extensions?

The conveyancers that we work with undertake Mayfair lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Mayfair Lease Extension Case Studies:

Arthur, Mayfair, London

14 months ago Arthur, started to get close to the eighty-year mark with the lease on his studio apartment in Mayfair. In buying his property twenty years previously, the unexpired term was of no significance. As luck would have it, he noticed he needed to take steps soon on a lease extension. Arthur arranged for a lease extension just in the nick of time in April. Arthur and the freeholder via the management company eventually settled on an amount of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by at least £1,125.

Mayfair case:

Last November we were e-mailed by Ms Jade Collins , who purchased a garden flat in Mayfair in April 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparative homes in Mayfair with a long lease were in the region of £280,000. The average ground rent payable was £55 collected monthly. The lease lapsed on 23 February 2101. Having 77 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus legals.

Decision in Westminster

An example of a Lease Extension decision for a Mayfair residence is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case related to 1 flat. The unexpired lease term was 21 years.