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.

Top reasons for Belvedere lease extension

Main reasons to start your Belvedere lease extension today:

Increase your lease and increase your Belvedere property value

On the balance of probabilities if you own a flat in Belvedere you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property on a short lease

Banks and building societies are really restricting their approach as regards to properties in Belvedere with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
Godiva Mortgages 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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Belvedere?

Irrespective of whether you are a tenant or a landlord in Belvedere,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Belvedere valuers.

Belvedere Lease Extension Example Cases:

Nathaniel, Belvedere, South East London,

Nathaniel owned a conversion apartment in Belvedere being marketed with a lease of a little over 61 years left. Nathaniel on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert advice and secured an acceptable deal informally and ending up with a market value flat.

Belvedere case:

Last month we were contacted by Mrs G Lee , who bought a basement flat in Belvedere in September 2002. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative homes in Belvedere with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease came to a finish in 2095. Given that there were 69 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of expenses.

Decision in Bexley

An example of a Lease Extension case for a Belvedere flat 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 was in relation to 13 flats. The unexpired residue of the current lease was 76 years.