Why you should start your Queen's Park lease extension

Why you should commence 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 domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease drops below 80 years - otherwise a higher amount will be payable. Flat owners in Queen's Park will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Queen's Park property becoming difficult to sell or remortgage.

What makes us experts in Queen's Park lease extensions?

Using our service gives you increased control over the value of your Queen's Park leasehold, as your property will be more valuable and marketable 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.

Queen's Park Lease Extension Example Cases:

Ollie, Queen's Park, North West London,

Ollie was the the leasehold owner of a conversion apartment in Queen's Park being marketed with a lease of fraction over fifty eight years remaining. Ollie on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Ollie to exercise his statutory right. Ollie procured expert advice and secured an acceptable deal informally and sell the property.

Queen's Park case:

Dr Leah James bought a recently refurbished apartment in Queen's Park in January 1997. The question was if we could estimate the price would be for a 90 year lease extension. Comparative homes in Queen's Park with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 billed quarterly. The lease ended in 2084. Given that there were 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of expenses.