Why you should commence your Earls Court lease extension

Main reasons to start your Earls Court lease extension today:

Increase your lease and increase your Earls Court property value

On the balance of probabilities where you own a flat in Earls Court you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Earls Court if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have varying requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Earls Court lease extensions?

The conveyancing solicitors that we work with undertake Earls Court lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Earls Court Lease Extension Example Cases:

Nathan, Earls Court, West London

Last October Nathan, started to get close to the 80-year threshold with the lease on his studio apartment in Earls Court. In buying his flat two decades ago, the length of the lease was of no relevance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Nathan was able to extend his lease at the eleventh hour last September. Nathan and the freeholder via the management company in the end settled on an amount of £5,000 . If he not met the deadline, the sum would have escalated by a minimum £1,100.

Earls Court case:

Dr M Hall acquired a garden apartment in Earls Court in October 2000. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative flats in Earls Court with a long lease were worth £250,000. The average amount of ground rent was £50 collected monthly. The lease came to a finish on 9 July 2095. Considering the 69 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.