Stop! Your Lease Extension in Belsize Park Could Be FREE

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Many leaseholders in Belsize Park are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Belsize Park has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Belsize Park lease extension

Why you should commence your Belsize Park lease extension today:

Increase your lease and increase your Belsize Park property value

Belsize Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Belsize Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Belsize Park you must investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Belsize Park flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Belsize Park with over 100 years outstanding 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not loan monies on a short lease

Banks and building societies vary in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be happy with anything over seventy years. With less than sixty years, it may be impossible to obtain a mortgage at all.

Lender Requirement
Barnsley Building Society
Nationwide Building Society
Skipton Building Society
Royal Bank of Scotland
Yorkshire Building Society

Why use us for your lease extension in Belsize Park?

Regardless of whether you are a tenant or a freeholder in Belsize Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Belsize Park valuers.

Belsize Park Lease Extension Case Summaries:

Louise, Belsize Park, North London,

Trailing protracted discussions with the landlord of her purpose-built flat in Belsize Park, Louise started the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work completed in September 2007. The freeholder’s fees were kept to an absolute minimum.

Belsize Park case:

In 2009 we were approached by Mrs C Gray who, having was assigned a lease of a studio apartment in Belsize Park in March 2008. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparable flats in Belsize Park with an extended lease were in the region of £265,200. The average ground rent payable was £65 collected annually. The lease lapsed on 17 April 2092. Taking into account 66 years as a residual term we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 plus fees.

Decision in Camden

An example of a Lease Extension decision for a Belsize Park residence 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 related to 2 flats. The unexpired term was 16.83 and 16.43.