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Why you should commence your Belsize Park lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Belsize Park you actually own a long leasehold interest over your property

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

Leasehold properties in Belsize Park with over 100 years left on the lease are sometimes referred to as ‘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 to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to finance a property with a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Belsize Park?

Retaining our service will provide you enhanced control over the value of your Belsize Park leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Belsize Park Lease Extension Case Summaries:

Aimee, Belsize Park, North London,

Subsequent to protracted correspondence with the freeholder of her leasehold apartment in Belsize Park, Aimee started the lease extension process just as her lease was coming close to the critical eighty-year threshold. The legal work was finalised in January 2014. The freeholder’s fees were kept to an absolute minimum.

Belsize Park case:

Dr Harry Roux bought a first floor apartment in Belsize Park in May 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Belsize Park with 100 year plus lease were valued about £240,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease ran out on 8 November 2087. Given that there were 62 years remaining we calculated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus expenses.

Decision in Camden

An example of a Lease Extension case for a Belsize Park premises 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 affected 2 flats. The unexpired residue of the current lease was 16.83 and 16.43.