With a residential leasehold premises in Belsize Park, you are in fact renting it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are less than 80 years left. Residents in Belsize Park with a lease drawing near to 81 years left should seriously think of extending it sooner rather than later. Once a lease has under eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and demand a larger premium, based on a technical computation, strangely termed as “marriage value” which is payable.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Belsize Park can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Belsize Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Ollie, started to get close to the eighty-year mark with the lease on his two bedroom flat in Belsize Park. Having bought his property 19 years previously, the length of the lease was of minimal interest. Thankfully, he recognised he needed to take action soon on a lease extension. Ollie extended the lease just under the wire in September. Ollie and the freeholder ultimately agreed on the final figure of £6,000 . If the lease had descended to less than eighty years, the sum would have increased by at least £900.
Mr and Mrs. P Adams took over the lease of a one bedroom apartment in Belsize Park in June 2012. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Belsize Park with a long lease were valued around £240,600. The average ground rent payable was £65 collected yearly. The lease ended in 2088. Given that there were 62 years outstanding we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of costs.
An example of a Lease Extension case for a Belsize Park flat is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The unexpired term as at the valuation date was 16.83 and 16.43.