Top reasons for Belsize Park lease extension

Why you should start your Belsize Park lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Belsize Park. Clearly, the term of lease remaining shortens over time. This is often ignored and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Belsize Park have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give due deliberation before delaying your Belsize Park lease extension. Putting off that expense now simply increases the price you will ultimately incur for a lease extension

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to loan monies with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the market price of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Belsize Park lease extensions?

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

Belsize Park Lease Extension Example Cases:

Jude, Belsize Park, North London,

Jude was the the leasehold proprietor of a high value apartment in Belsize Park being sold with a lease of just over sixty years outstanding. Jude informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jude to exercise his statutory right. Jude obtained expert advice and was able to make a more informed decision and handle with the matter and sell the property.

Belsize Park case:

Last Summer we were e-mailed by Mr Liam Fournier , who owned a basement flat in Belsize Park in April 2002. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative properties in Belsize Park with a long lease were valued about £295,000. The average ground rent payable was £45 collected every twelve months. The lease expiry date was in 2100. Taking into account 74 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.