Main reasons to start your Hammersmith And Fulham lease extension

Why you should commence your Hammersmith And Fulham lease extension today:

Increase your lease and increase your Hammersmith And Fulham property value

The market value of Hammersmith And Fulham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than eighty years

Hammersmith And Fulham property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Hammersmith And Fulham with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not lend with a short lease

Almost all mortgage companies will not lend on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Hammersmith And Fulham property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Hammersmith And Fulham lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your Hammersmith And Fulham leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hammersmith And Fulham Lease Extension Example Cases:

Andrew, Hammersmith And Fulham, West London,

Andrew was the the leasehold proprietor of a studio apartment in Hammersmith And Fulham being sold with a lease of fraction over fifty eight years outstanding. Andrew informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Andrew to exercise his statutory right. Andrew procured expert advice and secured an acceptable resolution without going to tribunal and sell the flat.

Hammersmith And Fulham case:

In 2014 we were contacted by Dr William Taylor who, having was assigned a lease of a purpose-built apartment in Hammersmith And Fulham in November 2008. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Hammersmith And Fulham with 100 year plus lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed on 7 October 2104. Having 78 years left we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Hammersmith And Fulham case:

In 2012 we were called by Ms Megan Fournier who, having bought a ground floor flat in Hammersmith And Fulham in June 2002. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Comparable homes in Hammersmith And Fulham with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease ran out on 18 August 2093. Having 67 years left we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.