Short Lease Apartments Marylebone

With four large landowners in the area of Mayfair\Marylebone it is not surprising that this area has quite a sizeable number of short lease properties. These can range from 80 years down to our most recent sales instruction which has only 11 years. Provided the lease was originally granted for more than 21 years and the present owner has been resident for at least 2 years, a lease can be extended by another 90 years by serving a statutory notice by the leaseholder to the freeholder claiming the right. This can then be assigned to a buyer of the leasehold interest. The big question then arises as to what should be paid for the lease extension. In most cases this tends to end up being a process of negotiation, starting with the lessee serving a notice which will include an offer for the extension. The freeholder will then have to revert within 2 months with a counter offer. Invariably the settlement figure will be somewhere in between, if both parties have been correctly advised by their surveyors. ( Don’t chose a valuer that hasn’t had experience in this field !) . We currently have two short leases for sale including the above property in Sherwood Court, Seymour Place for £525,000 and one in Chiltern Street at 40 years for £1.1m