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.

Main reasons to commence your Pimlico lease extension

Main reasons to start your Pimlico lease extension today:

A Pimlico lease depreciates with the years remaining on the lease.

Pimlico residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

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

Lenders may decide not to lend with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be inadequate security.

Lender Requirement
Bank of Scotland
Barnsley Building Society
Coventry Building Society
Godiva Mortgages
Santander

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 relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Pimlico Lease Extension Case Studies:

Kate, Pimlico, London,

Following protracted correspondence with the landlord of her two bedroom flat in Pimlico, Kate commenced the lease extension process as the eighty year mark was swiftly approaching. The lease extension was finalised in February 2012. The freeholder’s charges were kept to an absolute minimum.

Pimlico case:

In 2011 we were phoned by Mrs H Kelly who, having acquired a one bedroom apartment in Pimlico in March 2000. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Identical properties in Pimlico with 100 year plus lease were worth £191,400. The average ground rent payable was £55 collected every twelve months. The lease lapsed on 17 October 2080. Considering the 54 years left we approximated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 not including professional charges.

Decision in Westminster

An example of a Lease Extension case for a Pimlico residence 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 unexpired residue of the current lease was 56 years.