Stop! Your Lease Extension in Pimlico Could Be FREE

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Many leaseholders in Pimlico 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 Pimlico 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.

Why you should start your Pimlico lease extension

Main reasons to start your Pimlico lease extension today:

Increase your lease and increase your Pimlico property value

The market value of Pimlico leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

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

Mortgage lenders may not finance a property on a short lease

Lending institutions are less likely to grant a mortgage on a residential flat in Pimlico with a short lease. Many lenders simply refuse to lend on leases with below 75 years remaining.

Lender Requirement
Barclays plc
Halifax
Skipton Building Society
TSB
Yorkshire Building Society

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

The conveyancers that we work with handle Pimlico 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 conveyancing solicitor we work with provide it.

Pimlico Lease Extension Example Cases:

Ella, Pimlico, London,

After lengthy correspondence with the landlord of her garden flat in Pimlico, Ella initiated the lease extension process as the 80 year threshold was swiftly coming. The transaction was finalised in September 2007. The freeholder’s costs were kept to an absolute minimum.

Pimlico case:

Ms S Davies owned a ground floor apartment in Pimlico in September 2011. The dilemma was if we could estimate the premium would be to extend the lease by a further 90 years. Comparative homes in Pimlico with an extended lease were valued around £265,200. The average amount of ground rent was £65 collected yearly. The lease lapsed on 10 July 2092. Having 66 years remaining we calculated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of legals.

Decision in Westminster

An example of a Lease Extension case for a Pimlico premises is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 56 years.