Stop! Your Lease Extension in Belvedere Could Be FREE

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Many leaseholders in Belvedere 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 Belvedere 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 Belvedere lease extension

Why you should start your Belvedere lease extension today:

Increase your lease and increase your Belvedere property value

Belvedere leases on residential properties are gradually decreasing in 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. Legislation has been in place for sometime now which permits qualifying Belvedere residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Belvedere you must see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

Leasehold premises in Belvedere with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not lend on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. As many flats in Belvedere were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Belvedere?

Engaging our service will provide you increased control over the value of your Belvedere leasehold, as your property will be more valuable and saleable in respect of lease length should you decide 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.

Belvedere Lease Extension Case Studies:

Anna, Belvedere, South East London,

Trailing unsuccessful negotiations with the freeholder of her first floor flat in Belvedere, Anna started the lease extension process as the eighty year mark was rapidly approaching. The transaction completed in September 2015. The freeholder’s charges were kept to an absolute minimum.

Belvedere case:

Last Summer we were approach by Mr and Mrs. R Torres , who owned a ground floor flat in Belvedere in May 2004. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Identical properties in Belvedere with a long lease were worth £290,000. The average amount of ground rent was £45 collected every twelve months. The lease finished in 2098. Having 72 years outstanding we calculated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus expenses.

Decision in Bexley

An example of a Lease Extension decision for a Belvedere property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired term as at the valuation date was 76 years.