Main reasons to commence your Belsize Park lease extension

Main reasons to start your Belsize Park lease extension today:

Increase your lease and increase your Belsize Park property value

The only way is down when it comes to Belsize Park lease terms. Belsize Park properties that have a lease term fewer than 80 years will drop in market price even faster, and the cost of extending your lease will rise.

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

It is conventional wisdom 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 all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not loan monies with a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Many will simply not lend at all once the remaining lease term slips lower than a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Belsize Park home.

What makes us experts in Belsize Park lease extensions?

Using our service gives you enhanced 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 want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Belsize Park Lease Extension Example Cases:

Felix, Belsize Park, North London,

Felix was the the leasehold proprietor of a studio apartment in Belsize Park on the market with a lease of a few days over fifty eight years unexpired. Felix on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.

Belsize Park case:

Last month we were e-mailed by Mr H Gray , who acquired a one bedroom apartment in Belsize Park in June 2008. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Belsize Park with 100 year plus lease were worth £179,200. The mid-range ground rent payable was £55 invoiced quarterly. The lease lapsed on 16 May 2077. Given that there were 51 years outstanding we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including costs.