Top reasons for Belgravia lease extension

Main reasons to start your Belgravia lease extension today:

Increase your lease and increase your Belgravia property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Belgravia. Inevitably, the term of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Belgravia have the right to extend the lease for an additional 90 years under legislation. Do give careful deliberation before delaying your Belgravia lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold properties in Belgravia with over one hundred years unexpired on the lease are often regarded as a ‘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 estate charges justify it.

Banks and Building Societies will not lend on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Belgravia property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Belgravia lease extension solicitors or enfranchisement solicitors

Lease extensions in Belgravia can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 procuring Belgravia lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Belgravia Lease Extension Example Cases:

Harry, Belgravia, London

In recent months Harry, started to get close to the 80-year mark with the lease on his basement flat in Belgravia. Having bought his home 18 years previously, the lease term was of little importance. by good luck, he recognised he would imminently be paying an escalated premium for a lease extension. Harry arranged for a lease extension at the eleventh hour in September. Harry and the landlord ultimately settled on an amount of £5,000 . If he not met the deadline, the figure would have become more exhorbitant by at least £1,050.

Belgravia case:

In 2010 we were approached by Mrs Chantelle Baker who, having bought a purpose-built flat in Belgravia in September 2008. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative flats in Belgravia with a long lease were worth £261,600. The average ground rent payable was £60 invoiced yearly. The lease terminated in 2078. Having 52 years remaining we approximated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 not including legals.