Top reasons for Fitzrovia lease extension

Main reasons to start your Fitzrovia lease extension today:

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

Fitzrovia leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Fitzrovia will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage on a short lease

Mortgage companies are tightening their criteria and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Fitzrovia were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Fitzrovia?

Irrespective of whether you are a tenant or a freeholder in Fitzrovia,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fitzrovia valuers.

Fitzrovia Lease Extension Case Summaries:

Natasha, Fitzrovia, London,

After unsuccessful discussions with the freeholder of her leasehold flat in Fitzrovia, Natasha initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The legal work was concluded in May 2012. The landlord’s fees were restricted to approximately six hundred pounds.

Fitzrovia case:

In 2009 we were phoned by Mr and Mrs. E Wilson who, having took over the lease of a ground floor flat in Fitzrovia in June 2002. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparative properties in Fitzrovia with 100 year plus lease were valued around £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease finished on 7 July 2079. Having 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 not including costs.