Main reasons to commence your Belgravia lease extension

Top reasons for lease extension now:

Increase your lease and increase your Belgravia property value

The nearer a residential lease in Belgravia gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 125 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. Many flat owners in Belgravia will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may not finance a property with a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are wanting to refinance your Belgravia property.

Why use us for your lease extension in Belgravia?

Lease extensions in Belgravia can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 dealing with 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 Case Summaries:

Benjamin, Belgravia, London,

Benjamin owned a conversion flat in Belgravia on the market with a lease of fraction over 61 years left. Benjamin on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Belgravia case:

Last Autumn we were approach by Mrs R Scott , who was assigned a lease of a garden apartment in Belgravia in March 2007. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Belgravia with an extended lease were worth £250,000. The average amount of ground rent was £50 invoiced every twelve months. The lease ran out on 10 September 2095. Considering the 69 years remaining we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.