Main reasons to start your Belvedere lease extension

Main reasons to commence your Belvedere lease extension today:

Increase your lease and increase your Belvedere property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Belvedere can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Belvedere lease extension. Putting off the costs now simply escalates the premium you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in Belvedere with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not lend on a short lease

Mortgage companies are really restricting their approach as regards to homes in Belvedere with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Belvedere?

The lawyers 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 conveyancing solicitor we work with provide it.

Belvedere Lease Extension Case Studies:

Elijah, Belvedere, South East London

Last year Elijah, came dangerously close to the eighty-year mark with the lease on his basement apartment in Belvedere. Having purchased his property two decades ago, the length of the lease was of little significance. by good luck, he realised he would imminently be paying an escalated premium for a lease extension. Elijah arranged for a lease extension at the eleventh hour in August. Elijah and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If the lease had fallen lower than eighty years, the amount would have escalated by a minimum £1,150.

Belvedere case:

Ms Alisha Rogers acquired a garden apartment in Belvedere in January 2004. The question was if we could approximate the price would be to extend the lease by ninety years. Similar flats in Belvedere with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease came to a finish in 2103. Given that there were 77 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.