Main reasons to start your Belgravia lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/belgravia">Belgravia</a> property value </h4>
<p> Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Belgravia. Inevitably, the period of lease left shortens over time. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Belgravia have the right to extend the lease for an additional ninety years under legislation. You should give careful consideration before delaying your Belgravia lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension <h4>An extended lease is almost the same value as a freehold</h4>
<p> It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.
<h4>Lending institutions may decide not to loan monies on a short lease</h4> Most high street banks are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As plenty of flats in Belgravia were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<h4> Get in touch with one of our Belgravia lease extension solicitors or enfranchisement solicitors
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The lawyers that we work with undertake Belgravia 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 lawyer we work with provide it.
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Belgravia Lease Extension Case Summaries:
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<h5> Melissa, Belgravia, London,</h5>
<p> Trailing lengthy correspondence with the freeholder of her purpose-built flat in Belgravia, Melissa commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The legal work was concluded in September 2012. The freeholder’s fees were negotiated to a tad over 700 GBP.
<h5>Belgravia case:</h5>
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In 2011 we were called by Dr N Roux who, having was assigned a lease of a recently refurbished apartment in Belgravia in March 2001. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparative properties in Belgravia with a long lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease came to a finish in 2077. Taking into account 51 years outstanding we estimated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus fees.
<div> <h5>Decision in Kensington and Chelsea</h5>
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An example of a Lease Extension case for a Belgravia premises is
Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935
This case related to 1 flat. The unexpired term as at the valuation date was 13.33 years.
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