Belvedere leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Leasehold owners in Belvedere will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 get professional help from a conveyancer and valuer with experience in lease extensions.
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 dealing with Belvedere lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Blake, started to get close to the eighty-year mark with the lease on his basement flat in Belvedere. Having bought his property twenty years previously, the lease term was of no bearing. Thankfully, he recognised he would soon be paying way over the odds for Extending the lease. Blake was able to extend his lease just under the wire last September. Blake and the freeholder eventually settled on a premium of £6,000 . If the lease had descended lower than eighty years, the amount would have increased by at least £900.
Last Spring we were approach by Dr Leon Patel , who moved into a one bedroom apartment in Belvedere in March 2004. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable premises in Belvedere with 100 year plus lease were valued about £223,400. The average amount of ground rent was £60 billed quarterly. The lease finished in 2084. Given that there were 59 years as a residual term we approximated the premium to the landlord for the lease extension to be between £27,600 and £31,800 not including costs.
An example of a Lease Extension case for a Belvedere property 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 related to 13 flats. The remaining number of years on the lease was 76 years.