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Why you should commence your Belgravia lease extension


Main reasons to start your Belgravia lease extension today:

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

With a domestic leasehold premises in Belgravia, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than 80 years left. Residents in Belgravia with a lease nearing 81 years unexpired should seriously think of extending it without delay. Once the lease term has fewer than eighty years left, under the current statute the freeholder can calculate and charge a greater amount, assessed on a technical multiplication, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold residencies in Belgravia with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to homes in Belgravia with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of prospective buyers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Skipton Building Society 85 years from the date of completion of the mortgage



TSB Mortgage term plus 30 years subject to an overall minimum term of 70 years
The Mortgage Works Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term. Report to the issuing office if the lease term is shorter than that stated within the Offer and has less than 100 years remaining.(There is no requirement to report if the lease term is lower than that stated on the Offer but still has 100 years or more to run, or if the lease term is longer than that stated on the Offer).

NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.

What makes us experts in Belgravia lease extensions?

The conveyancers that we work with procure 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 conveyancer we work with provide it.

Belgravia Lease Extension Case Studies:

Nathan, Belgravia, London,

Nathan was the the leasehold owner of a high value flat in Belgravia on the market with a lease of fraction over sixty years remaining. Nathan informally approached his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be due on a lease extension were Nathan to exercise his statutory right. Nathan procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Belgravia case:

Last April we were contacted by Ms Ellie Gómez , who completed a one bedroom apartment in Belgravia in April 2010. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparable properties in Belgravia with an extended lease were in the region of £285,000. The average amount of ground rent was £55 invoiced monthly. The lease expiry date was in 2098. Considering the 79 years unexpired we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.

Decision in Kensington and Chelsea

An example of a Lease Extension case for a Belgravia property 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 affected 1 flat. The unexpired term was 13.33 years.