Why you should start your Belvedere lease extension

Main reasons to start your Belvedere lease extension today:

Increase your lease and increase your Belvedere property value

Belvedere leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher amount will be payable. Leasehold owners in Belvedere will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Belvedere with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not finance a property on a short lease

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Belvedere?

The conveyancers that we work with undertake Belvedere 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 conveyancer we work with provide it.

Belvedere Lease Extension Example Cases:

Erin, Belvedere, South East London,

Trailing protracted correspondence with the landlord of her one bedroom apartment in Belvedere, Erin commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The lease extension completed in May 2014. The freeholder’s costs were negotiated to below 500 pounds.

Belvedere case:

Ms Laura Hernández owned a studio flat in Belvedere in February 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Belvedere with a long lease were worth £216,000. The average ground rent payable was £60 collected yearly. The lease ended in 2084. Considering the 58 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.