Why you should start your Belmont lease extension

Why you should start your Belmont lease extension today:

Increase your lease and increase your Belmont property value

The value of Belmont leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is below than eighty years

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

Leasehold residencies in Belmont with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

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

Why use us for your lease extension in Belmont?

Lease extensions in Belmont can be a difficult process. We recommend you procure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Belmont lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Belmont Lease Extension Example Cases:

Isaac, Belmont, South London,

Isaac owned a conversion apartment in Belmont being marketed with a lease of a few days over 61 years outstanding. Isaac on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Isaac to invoke his statutory right. Isaac procured expert advice and secured satisfactory deal informally and sell the flat.

Belmont case:

Ms I Lambert acquired a newly refurbished flat in Belmont in November 2007. The question was if we could estimate the price could be for a 90 year lease extension. Comparable premises in Belmont with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2102. Considering the 76 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.