Stop! Your Lease Extension in Charing Cross Could Be FREE

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Many leaseholders in Charing Cross 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 Charing Cross 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 start your Charing Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your Charing Cross property value

Chances are that where you own a flat in Charing Cross you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left at the end of the mortgage. Considering many flats in Charing Cross were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Lender Requirement
Barclays plc
Barnsley Building Society
Chelsea Building Society
Leeds Building Society
Royal Bank of Scotland

Why use us for your lease extension in Charing Cross?

Irrespective of whether you are a tenant or a freeholder in Charing Cross,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Charing Cross valuers.

Charing Cross Lease Extension Example Cases:

Luca, Charing Cross, London

Last October Luca, came dangerously near to the 80-year mark with the lease on his garden apartment in Charing Cross. In buying his flat 18 years previously, the unexpired term was of little interest. Thankfully, he recognised he needed to take action soon on Extending the lease. Luca extended the lease just under the wire in September. Luca and the freeholder via the managing agents ultimately agreed on the final figure of £5,500 . If the lease had fallen lower than eighty years, the price would have increased by a minimum £1,150.

Charing Cross case:

Last Spring we were e-mailed by Ms S Collins , who bought a purpose-built flat in Charing Cross in January 2008. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparable premises in Charing Cross with an extended lease were valued about £260,200. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish on 24 April 2092. Having 66 years remaining we estimated the premium to the freeholder for the lease extension to be within £16,200 and £18,600 not including costs.

Decision in Hounslow

An example of a Freehold Enfranchisement matter before the tribunal for a Charing Cross flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The unexpired term as at the valuation date was 73.26 years.