Stop! Your Lease Extension in Piccadilly Could Be FREE

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Many leaseholders in Piccadilly are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Piccadilly has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Piccadilly lease extension

Main reasons to commence your Piccadilly lease extension today:

Increase your lease and increase your Piccadilly property value

Chances are that if you own a flat in Piccadilly you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lending institutions are less likely to issue a mortgage on a domestic property in Piccadilly with a short lease. Many lenders simply refuse to lend on leases with under 75 years remaining.

Lender Requirement
Bank of Scotland
Barclays plc
Birmingham Midshires
Godiva Mortgages
Yorkshire Building Society

Get in touch with one of our Piccadilly lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Piccadilly lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Piccadilly Lease Extension Example Cases:

Emily, Piccadilly, London,

Following lengthy discussions with the freeholder of her garden apartment in Piccadilly, Emily commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work completed in November 2015. The landlord’s costs were kept to an absolute minimum.

Piccadilly case:

Last Summer we were phoned by Mr and Mrs. I Davis , who acquired a one bedroom flat in Piccadilly in May 1999. The question was if we could estimate the price could be for a 90 year lease extension. Comparable properties in Piccadilly with a long lease were worth £186,000. The average ground rent payable was £65 billed per annum. The lease ran out in 2084. Having 58 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of fees.

Decision in Westminster

An example of a Lease Extension matter before the tribunal for a Piccadilly residence is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case affected 1 flat. The remaining number of years on the lease was 21 years.