Stop! Your Lease Extension in Belgravia Could Be FREE

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Many leaseholders in Belgravia are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Belgravia has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Belgravia lease extension

Main reasons to commence 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 properties in Belgravia with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

Banks and Building Societies are less likely to grant a mortgage on a residential flat in Belgravia with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years left.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Belgravia lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Belgravia leasehold, as your property will be more valuable and marketable 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 Example Cases:

Connor, Belgravia, London

16 months ago Connor, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Belgravia. In buying his property two decades ago, the length of the lease was of minimal interest. Thankfully, he became aware that he needed to take action soon on Extending the lease. Connor arranged for a lease extension just under the wire in May. Connor and the landlord ultimately agreed on sum of £6,000 . If the lease had slid below 80 years, the premium would have escalated by a minimum £975.

Belgravia case:

In 2009 we were e-mailed by Mrs R Dupont who, having completed a studio flat in Belgravia in October 1997. We are asked if we could estimate the price could be for a 90 year lease extension. Identical premises in Belgravia with an extended lease were worth £285,000. The average ground rent payable was £55 billed quarterly. The lease terminated in 2105. Having 79 years outstanding we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal for a Belgravia flat 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.