Main reasons to commence your Belsize Park lease extension

Why you should commence your Belsize Park lease extension today:

Increase your lease and increase your Belsize Park property value

The re-sale value of a leasehold property in Belsize Park depends on how many years the lease has left to run. If it is near to or less than eighty years you should envisage difficulties on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is preferable to start the lease extension process when the lease still has 82 years remaining so that all matters can be addressed well before the 80 year mark. Current legislation entitles Belsize Park qualifying lessees to an additional term of ninety years over and above the unexpired term, at a notional rent (no ground rent). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Belsize Park property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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

Using our service gives you increased control over the value of your Belsize Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide 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.

Belsize Park Lease Extension Case Studies:

Rachel, Belsize Park, North London,

Following protracted discussions with the freeholder of her basement flat in Belsize Park, Rachel initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension completed in May 2015. The freeholder’s fees were kept to an absolute minimum.

Belsize Park case:

In 2012 we were e-mailed by Ms Bethan Peterson who, having purchased a purpose-built flat in Belsize Park in October 2001. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparative flats in Belsize Park with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 billed quarterly. The lease concluded in 2104. Taking into account 78 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 exclusive of professional charges.