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Why you should commence your Queen's Park lease extension


Main reasons to start your Queen's Park lease extension today:

A Queen's Park leasehold property depreciates with the years remaining on the lease.

Queen's Park leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Queen's Park will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Queen's Park with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders will not grant a mortgage on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Queen's Park property being difficult to dispose of or remortgage.

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.
Chelsea 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Queen's Park?

The lawyers that we work with handle Queen's 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 conveyancer we work with provide it.

Queen's Park Lease Extension Case Summaries:

Elijah, Queen's Park, North West London

Last Christmas Elijah, started to get close to the 80-year threshold with the lease on his basement apartment in Queen's Park. In buying his flat two decades ago, the lease term was of minimal bearing. Fortunately, he recognised he would imminently be paying way over the odds for a lease extension. Elijah was able to extend his lease just ahead of time last August. Elijah and the landlord who owned the flat above in the end settled on a premium of £6,000 . If the lease had dipped lower than 80 years, the premium would have escalated by a minimum £1,050.

Queen's Park case:

Mrs B Allen was assigned a lease of a studio apartment in Queen's Park in January 2005. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative premises in Queen's Park with an extended lease were valued around £265,000. The average amount of ground rent was £50 billed annually. The lease finished in 2097. Having 73 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Decision in Brent

An example of a Freehold Enfranchisement case for a Queen's Park premises is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case affected 2 flats. The number of years remaining on the existing lease(s) was 70.02 years.