Hammersmith And Fulham leases on residential deteriorating in value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease drops below 80 years - otherwise a higher amount will be due. Flat owners in Hammersmith And Fulham will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are also strict timetables and steps to follow once the process has started so it’s prudent to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent 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 in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| 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. |
Lease extensions in Hammersmith And Fulham can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 a wealth of experience dealing with Hammersmith And Fulham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathaniel was the the leasehold owner of a high value flat in Hammersmith And Fulham being marketed with a lease of just over fifty eight years left. Nathaniel on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to invoke his statutory right. Nathaniel procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.
Mr Alex Brooks acquired a one bedroom flat in Hammersmith And Fulham in February 1998. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar premises in Hammersmith And Fulham with an extended lease were valued about £295,000. The average ground rent payable was £45 invoiced per annum. The lease lapsed in 2099. Considering the 74 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.
Mr R Bennett acquired a ground floor flat in Hammersmith And Fulham in August 2001. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable properties in Hammersmith And Fulham with 100 year plus lease were valued around £248,000. The mid-range ground rent payable was £65 collected annually. The lease ended on 5 February 2088. Considering the 63 years left we estimated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including professional charges.