Main reasons to commence your Belper lease extension

Why you should start your Belper lease extension today:

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

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

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

Leasehold residencies in Belper with over one hundred years left on the lease are often regarded as a ‘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 freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to finance a property on a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold homes. Some will simply not lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. As well as this being important when selling, it is also relevant if you are intending to refinance your Belper property.

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

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

Belper Lease Extension Example Cases:

Zoe, Belper, Derbyshire,

Following protracted discussions with the landlord of her leasehold apartment in Belper, Zoe initiated the lease extension process just as her lease was approaching the all-important 80-year deadline. The transaction was concluded in March 2015. The freeholder’s fees were kept to an absolute minimum.

Belper case:

Dr Georgia Anderson moved into a garden flat in Belper in September 2007. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable residencies in Belper with an extended lease were valued about £275,000. The average amount of ground rent was £55 collected yearly. The lease elapsed in 2102. Having 76 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.

Belper case:

Last Summer we were called by Mrs Anna Allen , who moved into a first floor apartment in Belper in November 2004. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Identical residencies in Belper with an extended lease were worth £176,200. The average ground rent payable was £65 billed annually. The lease ended in 2082. Having 56 years unexpired we approximated the premium to the landlord to extend the lease to be between £29,500 and £34,000 plus costs.