Top reasons for Mayfair lease extension

Main reasons to commence your Mayfair lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Mayfair have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Mayfair lease extension. Shelving the costs now simply increases the amount you will eventually have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 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.

Lenders will not finance a property with a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Mayfair if the remaining lease term is less than the criteria set by most mortgage companies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Mayfair lease extensions?

The conveyancers that we work with handle 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 conveyancer we work with provide it.

Mayfair Lease Extension Example Cases:

Caleb, Mayfair, London

Two years ago Caleb, came critically near to the 80-year threshold with the lease on his ground floor apartment in Mayfair. In buying his property two decades ago, the lease term was of little interest. Luckily, it dawned on him that he needed to take action soon on a lease extension. Caleb arranged for a lease extension at the eleventh hour last July. Caleb and the freeholder eventually settled on an amount of £5,000 . If he failed to meet the deadline, the price would have escalated by at least £950.

Mayfair case:

Last year we were e-mailed by Mr and Mrs. N Davis , who owned a ground floor flat in Mayfair in February 1997. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Comparable properties in Mayfair with an extended lease were valued about £210,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease elapsed in 2088. Given that there were 62 years left we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of expenses.