When it comes to domestic leasehold premises in Queen's Park, you are actually purchasing a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than eighty years remaining. Anyone in Queen's Park with a lease drawing near to 81 years remaining should seriously consider extending it without delay. When a lease has under eighty years left, under the relevant statute the freeholder is entitled to calculate and demand a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.
Leasehold properties in Queen's Park with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| Halifax | Minimum 70 years from the date 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. |
Lease extensions in Queen's Park can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Queen's Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Ethan, came very near to the 80-year threshold with the lease on his basement apartment in Queen's Park. Having purchased his flat twenty years previously, the unexpired term was of minimal concern. Thankfully, he recognised he needed to take action soon on Extending the lease. Ethan arranged for a lease extension just under the wire last July. Ethan and the landlord who owned the flat above subsequently settled on a premium of £5,000 . If he not met the deadline, the price would have increased by at least £875.
Mr Y Mason acquired a ground floor flat in Queen's Park in August 2007. We are asked if we could approximate the price could be for a 90 year lease extension. Identical properties in Queen's Park with 100 year plus lease were in the region of £265,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease concluded in 2100. Having 74 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.
An example of a Freehold Enfranchisement decision for a Queen's Park flat 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 was in relation to 2 flats. The unexpired lease term was 70.02 years.