Main reasons to commence your Mayfair lease extension

Why you should commence your Mayfair lease extension today:

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

The value of Mayfair leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to finance a property on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be insufficient security.

Why use us for your lease extension in Mayfair?

Retaining our service will provide you increased control over the value of your Mayfair leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Mayfair Lease Extension Case Studies:

Lewis, Mayfair, London

Two years ago Lewis, started to get near to the eighty-year mark with the lease on his basement flat in Mayfair. In buying his property 19 years ago, the unexpired term was of no interest. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Lewis extended the lease just under the wire in July. Lewis and the landlord ultimately settled on the final figure of £5,500 . If he not met the deadline, the premium would have gone up by a minimum £925.

Mayfair case:

Mr C Sharif acquired a one bedroom flat in Mayfair in March 1999. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Comparable flats in Mayfair with an extended lease were worth £246,800. The average amount of ground rent was £60 invoiced per annum. The lease finished on 11 July 2076. Having 50 years outstanding we calculated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 not including professional charges.