Main reasons to commence your Mayfair lease extension

Top reasons for lease extension now:

A Mayfair lease depreciates with the years remaining on the lease.

Mayfair leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Mayfair enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Mayfair you must see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may not loan monies with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You most probably encounter difficulties if you wish to sell your flat in Mayfair if the remaining term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have different criteria but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Mayfair?

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

Mayfair Lease Extension Example Cases:

Lucas, Mayfair, London,

Lucas was the the leasehold owner of a conversion flat in Mayfair being marketed with a lease of just over 59 years unexpired. Lucas informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.

Mayfair case:

Last Spring we were phoned by Mrs Maisie Lefebvre , who completed a first floor flat in Mayfair in September 1995. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Mayfair with a long lease were worth £235,200. The mid-range amount of ground rent was £45 collected every twelve months. The lease lapsed in 2092. Considering the 66 years unexpired we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.