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.

Top reasons for Pimlico lease extension

Why you should start your Pimlico lease extension today:

Increase your lease and increase your Pimlico property value

Pimlico residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

Pimlico property with a lease extension is almost the same value as a freehold

Leasehold residencies in Pimlico with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not issue a mortgage on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Pimlico property being difficult to dispose of or to obtain finance on.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Using our service will provide you enhanced control over the value of your Pimlico leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pimlico Lease Extension Example Cases:

Sam, Pimlico, London

In recent months Sam, started to get near to the 80-year threshold with the lease on his first floor apartment in Pimlico. In buying his flat two decades ago, the length of the lease was of no significance. by good luck, he became aware that he needed to take action soon on Extending the lease. Sam extended the lease just in the nick of time last January. Sam and the freeholder via the management company ultimately agreed on an amount of £5,500 . If the lease had gone lower than 80 years, the price would have escalated by at least £900.

Pimlico case:

In 2013 we were phoned by Dr Emily Petit who, having was assigned a lease of a first floor apartment in Pimlico in August 2004. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative residencies in Pimlico with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed quarterly. The lease concluded in 2087. Taking into account 61 years remaining we estimated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 not including fees.

Decision in Westminster

An example of a Lease Extension decision 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 affected 2 flats. The remaining number of years on the lease was 56 years.