When it comes to domestic leasehold property in Belvedere, you are actually buying an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are less than 80 years remaining. Anyone in Belvedere with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. When a lease has below eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Belvedere can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge 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.
Off the back of protracted correspondence with the landlord of her two bedroom apartment in Belvedere, Chelsea started the lease extension process as the 80 year threshold was swiftly advancing. The lease extension was concluded in October 2005. The landlord’s charges were negotiated to a tad over six hundred GBP.
Mr and Mrs. Y Lefebvre bought a purpose-built flat in Belvedere in January 2001. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Similar properties in Belvedere with a long lease were worth £210,000. The mid-range amount of ground rent was £50 billed monthly. The lease concluded on 16 April 2106. Given that there were 80 years left we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Belvedere residence 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 affected 13 flats. The number of years remaining on the existing lease(s) was 76 years.