Main reasons to start your Belsize Park lease extension

Main reasons to commence your Belsize Park lease extension today:

A Belsize Park leasehold property depreciates with the years remaining on the lease.

It’s a harsh certainty that a Belsize Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Belsize Park property market.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be due. Most leasehold owners in Belsize Park will be able to extend under the legislation; however a lawyer will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Lenders are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that plenty of flats in Belsize Park were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Belsize Park lease extensions?

The conveyancing solicitors that we work with handle Belsize Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Belsize Park Lease Extension Example Cases:

Alice, Belsize Park, North London,

In the wake of 9 months of lengthy negotiations with the landlord of her two bedroom apartment in Belsize Park, Alice initiated the lease extension process as the 80 year deadline was fast approaching. The legal work was concluded in January 2010. The landlord’s costs were restricted to a tad over 450 pounds.

Belsize Park case:

Last month we were phoned by Mr and Mrs. B Johnson , who took over the lease of a one bedroom flat in Belsize Park in February 2007. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Identical premises in Belsize Park with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 collected annually. The lease elapsed on 25 March 2084. Given that there were 58 years outstanding we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.