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Main reasons to commence your Belvedere lease extension

Top reasons for lease extension now:

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

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

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

Leasehold premises in Belvedere with more than one hundred years unexpired 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 upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once the residual lease term falls under a specified unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Belvedere property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Belvedere lease extensions?

Irrespective of whether you are a tenant or a landlord in Belvedere,the lease extension lawyers 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 Belvedere valuers.

Belvedere Lease Extension Case Summaries:

Evan, Belvedere, South East London

Last Spring Evan, came critically close to the eighty-year threshold with the lease on his ground floor apartment in Belvedere. Having bought his home two decades ago, the lease term was of minimal importance. Luckily, he noticed he needed to take action soon on a lease extension. Evan arranged for a lease extension at the eleventh hour last June. Evan and the freeholder in the end agreed on the final figure of £5,500 . If the lease had slid to less than eighty years, the price would have become more exhorbitant by at least £1,050.

Belvedere case:

Mr and Mrs. W Martin owned a ground floor flat in Belvedere in May 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative properties in Belvedere with an extended lease were valued around £198,800. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2080. Having 55 years unexpired we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including professional charges.

Decision in Bexley

An example of a Lease Extension matter before the tribunal for a Belvedere residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.