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.

Why you should start your Piccadilly lease extension

Why you should start your Piccadilly lease extension today:

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

Piccadilly leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Piccadilly tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Piccadilly you would be well advised to see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Piccadilly property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders will not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no immediate desire to sell but when you do your purchaser will have to wait 2 years before being able to start the legal procedures for a lease extension.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Piccadilly?

Lease extensions in Piccadilly can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 Piccadilly lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Piccadilly Lease Extension Case Studies:

Jodie, Piccadilly, London,

Off the back of protracted correspondence with the landlord of her purpose-built apartment in Piccadilly, Jodie started the lease extension process as the eighty year mark was quickly nearing. The legal work completed in September 2008. The landlord’s charges were kept to an absolute minimum.

Piccadilly case:

Last September we were e-mailed by Mr and Mrs. S Jackson , who bought a newly refurbished apartment in Piccadilly in January 2011. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Comparative properties in Piccadilly with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease ended in 2103. Taking into account 77 years left we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.

Decision in Westminster

An example of a Lease Extension decision for a Piccadilly property 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 was in relation to 1 flat. The remaining number of years on the lease was 21 years.