Top reasons for Fitzrovia lease extension

Main reasons to start your Fitzrovia lease extension today:

Increase your lease and increase your Fitzrovia property value

Fitzrovia leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Fitzrovia tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Fitzrovia you really ought to check if your lease has between seventy and 90 years left. There are compelling reasons why a Fitzrovia leaseholder with a lease having around eighty years left should take steps to make sure that a lease extension is actioned without delay

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

Leasehold properties in Fitzrovia with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in 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 with a short lease

Banks and building societies are really clamping down as regards to homes in Fitzrovia with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

What makes us experts in Fitzrovia lease extensions?

Lease extensions in Fitzrovia can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring Fitzrovia lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fitzrovia Lease Extension Example Cases:

Thomas, Fitzrovia, London

During the course of the last few months Thomas, started to get near to the 80-year threshold with the lease on his basement apartment in Fitzrovia. In buying his flat 18 years ago, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Thomas arranged for a lease extension just under the wire last September. Thomas and the landlord ultimately agreed on a premium of £6,000 . If the lease had gone below 80 years, the amount would have increased by at least £850.

Fitzrovia case:

Mr Finley François purchased a studio apartment in Fitzrovia in March 2002. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable residencies in Fitzrovia with 100 year plus lease were worth £285,000. The average ground rent payable was £55 billed yearly. The lease elapsed in 2106. Having 80 years remaining we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.