Main reasons to start your Belvedere lease extension

Top reasons for lease extension now:

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

For anyone whose Belvedere flat is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many 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 fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Belvedere can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in this area.

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

Belvedere Lease Extension Case Summaries:

Jodie, Belvedere, South East London,

Subsequent to protracted negotiations with the landlord of her first floor flat in Belvedere, Jodie started the lease extension process as the 80 year mark was rapidly approaching. The legal work was finalised in February 2014. The landlord’s charges were restricted to approximately 650 pounds.

Belvedere case:

In 2014 we were called by Dr I Nguyen who, having completed a one bedroom flat in Belvedere in January 2006. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar flats in Belvedere with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated on 3 April 2080. Taking into account 54 years left we calculated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including fees.