Top reasons for Belmont lease extension

Top reasons for lease extension now:

A Belmont leasehold property depreciates with the years remaining on the lease.

Belmont leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Belmont residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Belmont you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Belmont flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is put in place without delay

Belmont property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once the remaining lease term falls beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Belmont property.

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

Regardless of whether you are a tenant or a landlord in Belmont,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Belmont valuers.

Belmont Lease Extension Example Cases:

Chantelle, Belmont, South London,

Subsequent to unsuccessful discussions with the freeholder of her studio apartment in Belmont, Chantelle started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The transaction was finalised in June 2009. The freeholder’s fees were kept to an absolute minimum.

Belmont case:

Last Spring we were phoned by Mr and Mrs. G Green , who was assigned a lease of a one bedroom apartment in Belmont in November 2003. The question was if we could estimate the premium would be to extend the lease by 90 years. Comparative residencies in Belmont with a long lease were worth £193,400. The mid-range ground rent payable was £65 billed yearly. The lease came to a finish in 2084. Taking into account 59 years left we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including professional charges.