Stop! Your Lease Extension in Chinatown Could Be FREE

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Many leaseholders in Chinatown 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 Chinatown 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 Chinatown lease extension

Main reasons to start your Chinatown lease extension today:

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

Chances are that if you own a flat in Chinatown you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

Lending institutions are less likely to issue a loan offer on a residential property in Chinatown with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years remaining.

Lender Requirement
Godiva Mortgages
Halifax
National Westminster Bank
Royal Bank of Scotland
Virgin

Why use us for your lease extension in Chinatown?

Lease extensions in Chinatown can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Chinatown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chinatown Lease Extension Case Studies:

Mason, Chinatown, London

Last Summer Mason, came perilously near to the eighty-year threshold with the lease on his purpose- built flat in Chinatown. In buying his property twenty years previously, the lease term was of minimal importance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Mason arranged for a lease extension just under the wire in April. Mason and the freeholder via the management company in the end agreed on an amount of £5,000 . If the lease had dropped below eighty years, the price would have escalated by at least £1,100.

Chinatown case:

In 2011 we were approached by Mr and Mrs. D Lambert who, having completed a one bedroom flat in Chinatown in August 2007. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical premises in Chinatown with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out on 9 February 2093. Having 67 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 plus professional charges.

Decision in Redbridge

An example of a Freehold Enfranchisement matter before the tribunal for a Chinatown residence is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired term was 73.92 years.