Top reasons for Belgravia lease extension

Main reasons to start your Belgravia lease extension today:

A Belgravia leasehold property depreciates with the years remaining on the lease.

It’s an underpublicised truth that a Belgravia residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Belgravia property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. If lease term drops below 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most leasehold owners in Belgravia will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Banks and building societies are really clamping down as regards to properties in Belgravia with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Why use us for your lease extension in Belgravia?

Using our service will provide you enhanced control over the value of your Belgravia leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Belgravia Lease Extension Case Summaries:

Jade, Belgravia, London,

Subsequent to protracted discussions with the freeholder of her purpose-built flat in Belgravia, Jade initiated the lease extension process just as the lease was approaching the critical 80-year threshold. The legal work completed in February 2013. The landlord’s costs were kept to an absolute minimum.

Belgravia case:

Last Spring we were called by Ms F Edwards , who purchased a one bedroom flat in Belgravia in November 2008. We are asked if we could estimate the premium would be for a 90 year lease extension. Identical flats in Belgravia with a long lease were valued around £227,800. The mid-range ground rent payable was £45 collected per annum. The lease concluded in 2091. Taking into account 65 years remaining we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.