Main reasons to commence your Earls Court lease extension

Why you should commence your Earls Court lease extension today:

Increase your lease and increase your Earls Court property value

The only way is down when it comes to Earls Court lease terms. Earls Court leaseholds that have a remaining term lower than 80 years will reduce in market price even faster, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold premises in Earls Court with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold property. Many will simply not lend at all once the remaining lease term drops beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Earls Court home.

Why use us for your lease extension in Earls Court?

Using our service will provide you better control over the value of your Earls Court leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Earls Court Lease Extension Example Cases:

Harrison, Earls Court, West London

Half a year ago Harrison, came perilously close to the 80-year threshold with the lease on his garden apartment in Earls Court. Having purchased his property 18 years ago, the length of the lease was of little concern. As luck would have it, he realised he would imminently be paying an inflated amount for a lease extension. Harrison was able to extend his lease at the eleventh hour last April. Harrison and the landlord who owned the flat above subsequently agreed on an amount of £6,000 . If he had missed the deadline, the sum would have escalated by at least £1,100.

Earls Court case:

Mrs Poppy Hill moved into a recently refurbished apartment in Earls Court in October 2011. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative properties in Earls Court with an extended lease were worth £255,000. The average ground rent payable was £50 collected annually. The lease finished in 2096. Taking into account 70 years left we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.