Queen's Park leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Queen's Park will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some cases you may not qualify. There are prescribed timetables and formalities to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Queen's Park with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 a wealth of experience dealing with 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.
Following lengthy negotiations with the landlord of her garden apartment in Queen's Park, Charlotte started the lease extension process as the eighty year threshold was quickly coming. The transaction completed in June 2014. The landlord’s fees were kept to an absolute minimum.
Mr Aaron Alexander took over the lease of a first floor apartment in Queen's Park in April 2007. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical homes in Queen's Park with a long lease were in the region of £290,000. The average amount of ground rent was £60 invoiced quarterly. The lease elapsed in 2105. Given that there were 80 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 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 term was 70.02 years.