Top reasons for Belsize Park lease extension

Main reasons to commence your Belsize Park lease extension today:

Increase your lease and increase your Belsize Park property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Belsize Park. Inevitably, the period of lease left reduces over time. This is often ignored and only raises itself as an issue when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Belsize Park have the legal entitlement to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Belsize Park lease extension. Putting off the cost now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Belsize Park with in excess of one hundred years remaining 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not lend on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Regardless of whether you are a tenant or a landlord in Belsize Park,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 Belsize Park valuers.

Belsize Park Lease Extension Case Summaries:

Nathaniel, Belsize Park, North London

Last October Nathaniel, came precariously near to the eighty-year mark with the lease on his two bedroom flat in Belsize Park. Having bought his property two decades ago, the lease term was of no significance. Thankfully, he became aware that he would imminently be paying an inflated amount for Extending the lease. Nathaniel was able to extend his lease just under the wire in September. Nathaniel and the freeholder via the management company ultimately agreed on sum of £5,000 . If the lease had fallen below 80 years, the sum would have become more exhorbitant by a minimum £1,125.

Belsize Park case:

In 2009 we were approached by Mr H Wood who, having purchased a one bedroom flat in Belsize Park in February 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar residencies in Belsize Park with an extended lease were valued around £280,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease expired in 2096. Considering the 70 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.