Main reasons to start your Belvedere lease extension

Top reasons for lease extension now:

Increase your lease and increase your Belvedere property value

Belvedere leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Belvedere will usually qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

Belvedere property with a lease extension has roughly the same value as a freehold

Leasehold premises in Belvedere with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may not lend with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Belvedere?

The lawyers that we work with procure 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 Example Cases:

Alfie, Belvedere, South East London

In 2014 Alfie, came very close to the eighty-year mark with the lease on his garden apartment in Belvedere. Having bought his property two decades ago, the unexpired term was of minimal interest. As luck would have it, he recognised he would imminently be paying way over the odds for Extending the lease. Alfie was able to extend his lease just in the nick of time in January. Alfie and the freeholder in the end settled on a premium of £5,500 . If the lease had gone below 80 years, the price would have gone up by at least £1,000.

Belvedere case:

Last Winter we were called by Mr and Mrs. B Howard , who acquired a first floor flat in Belvedere in March 2011. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Belvedere with an extended lease were worth £171,800. The average amount of ground rent was £55 billed yearly. The lease lapsed in 2076. Given that there were 50 years remaining we calculated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus expenses.