Why you should commence your Queen's Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Queen's Park property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Queen's Park. Clearly, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Queen's Park have the right to extend the lease for an additional ninety years under statute. Do give careful consideration before putting off your Queen's Park lease extension. Holding off the cost now likely increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not lend on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be insufficient for lending purposes.

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

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

Queen's Park Lease Extension Example Cases:

Eliot, Queen's Park, North West London

Last Summer Eliot, started to get near to the 80-year mark with the lease on his leasehold flat in Queen's Park. Having purchased his flat 18 years ago, the lease term was of little significance. As luck would have it, he realised he would soon be paying way over the odds for Extending the lease. Eliot extended the lease at the eleventh hour in June. Eliot and the landlord in the end settled on an amount of £5,500 . If the lease had dropped to less than 80 years, the price would have become more exhorbitant by at least £1,125.

Queen's Park case:

Mr I Rose completed a first floor flat in Queen's Park in November 2012. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative residencies in Queen's Park with a long lease were in the region of £235,200. The average ground rent payable was £45 invoiced monthly. The lease lapsed in 2092. Taking into account 66 years outstanding we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.