Main reasons to commence your Belmont lease extension

Main reasons to start your Belmont lease extension today:

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

The market value of Belmont leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Why use us for your lease extension in Belmont?

Retaining our service gives you increased control over the value of your Belmont leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Belmont Lease Extension Case Studies:

William, Belmont, South London,

William was the the leasehold owner of a studio flat in Belmont on the market with a lease of a few days over 59 years outstanding. William informally contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were William to exercise his statutory right. William procured expert legal guidance and secured satisfactory deal informally and sell the flat.

Belmont case:

In 2009 we were called by Mrs G Nelson who, having purchased a studio flat in Belmont in January 2005. The question was if we could approximate the price would be to extend the lease by ninety years. Identical properties in Belmont with an extended lease were in the region of £225,400. The average ground rent payable was £45 billed per annum. The lease expired in 2090. Considering the 64 years remaining we estimated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 not including legals.