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Why you should start your Earls Court lease extension


Top reasons for lease extension now:

Increase your lease and increase your Earls Court property value

The market value of a leasehold property in Earls Court is impacted by how many years the lease has left to run. If it is close to or fewer than eighty years you should anticipate problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is preferable to commence the process of extending the lease is when the lease still has 82 years remaining so that all matters can be concluded ahead of the 80 year threshold. Leasehold Reform legislation enables Earls Court qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

Earls Court property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may be problematic when you come to market or refinance your property as it will be practically unmortgageable. Even though you may have no imminent desire to sell but when you do your buyer must hold off for a couple of years before being able to start the legal procedures for an extension to the lease.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Earls Court lease extensions?

Lease extensions in Earls Court can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 dealing with Earls Court lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Earls Court Lease Extension Case Studies:

Jake, Earls Court, West London,

Jake owned a high value apartment in Earls Court being sold with a lease of just over 59 years unexpired. Jake on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Jake to invoke his statutory right. Jake procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Earls Court case:

Last Summer we were contacted by Dr Jonathan Thomas , who acquired a ground floor apartment in Earls Court in July 2006. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Identical properties in Earls Court with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 billed quarterly. The lease expired in 2098. Considering the 76 years outstanding we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.

Decision in Kensington and Chelsea

An example of a Freehold Enfranchisement matter before the tribunal for a Earls Court premises is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case related to 5 flats. The unexpired residue of the current lease was 38.98 years.