Top reasons for Belton lease extension

Why you should start your Belton lease extension today:

Increase your lease and increase your Belton property value

Chances are that if you own a flat in Belton you actually own a long leasehold interest over your property

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

Leasehold residencies in Belton with over 100 years unexpired 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

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

Lenders are really restricting their approach as regards to homes in Belton with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

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

Irrespective of whether you are a tenant or a landlord in Belton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Belton valuers.

Belton Lease Extension Case Summaries:

Kyle, Belton, Lincolnshire,

Kyle was the the leasehold owner of a high value apartment in Belton on the market with a lease of just over 61 years remaining. Kyle informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Kyle to invoke his statutory right. Kyle obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Belton case:

In 2011 we were e-mailed by Mr L Lewis who, having took over the lease of a studio apartment in Belton in April 1999. The question was if we could estimate the premium would be for a 90 year extension to my lease. Comparable homes in Belton with an extended lease were valued about £205,000. The average ground rent payable was £50 billed every twelve months. The lease ran out in 2105. Given that there were 79 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.

Belton case:

Ms Tia Mercier moved into a garden apartment in Belton in May 2007. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative properties in Belton with an extended lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease expired on 15 November 2094. Having 68 years remaining we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus fees.