Stop! Your Lease Extension in Mayfair Could Be FREE

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Many leaseholders in Mayfair 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 Mayfair 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.

Main reasons to commence your Mayfair lease extension

Why you should commence your Mayfair lease extension today:

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

On the balance of probabilities where you own a flat in Mayfair you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not lend with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone intending to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Mayfair?

The conveyancers that we work with procure 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 Example Cases:

Tia, Mayfair, London,

Following protracted correspondence with the landlord of her studio apartment in Mayfair, Tia initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The transaction was concluded in September 2005. The landlord’s fees were restricted to below 450 pounds.

Mayfair case:

Last Autumn we were phoned by Ms C Moreau , who took over the lease of a basement flat in Mayfair in September 1999. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Comparable residencies in Mayfair with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease finished in 2101. Considering the 75 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.

Decision in Westminster

An example of a Lease Extension case for a Mayfair flat 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 affected 1 flat. The unexpired term was 21 years.