Top reasons for Belgravia lease extension

Main reasons to start your Belgravia lease extension today:

Increase your lease and increase your Belgravia property value

On the balance of probabilities where you own a flat in Belgravia you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Belgravia with in excess of one hundred years outstanding 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic when you wish to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you might not have an immediate plan to sell but when you do your purchaser will have to wait two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Belgravia?

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:

Joseph, Belgravia, London

Last October Joseph, started to get near to the 80-year mark with the lease on his first floor flat in Belgravia. In buying his home twenty years ago, the lease term was of little significance. by good luck, he noticed he needed to take steps soon on Extending the lease. Joseph extended the lease just in the nick of time last September. Joseph and the landlord eventually settled on an amount of £5,000 . If the lease had descended lower than 80 years, the price would have become more costly by a minimum £850.

Belgravia case:

In 2012 we were e-mailed by Dr U Dupont who, having bought a one bedroom flat in Belgravia in January 2009. The question was if we could estimate the price would be for a 90 year lease extension. Similar flats in Belgravia with an extended lease were valued around £181,200. The average ground rent payable was £65 invoiced annually. The lease concluded on 18 November 2082. Having 56 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including costs.