Why you should commence your Queen's Park lease extension

Why you should start your Queen's Park lease extension today:

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

Queen's Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Queen's Park residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Queen's Park you really ought to see if your lease has between 70 and ninety years left. There are compelling reasons why a Queen's Park leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

Queen's Park property with a lease extension is almost the same value as a freehold

Leasehold residencies in Queen's Park with more than 100 years remaining 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not issue a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as inadequate for lending purposes.

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

The lawyers that we work with undertake 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 conveyancing solicitor we work with provide it.

Queen's Park Lease Extension Case Studies:

Rory, Queen's Park, North West London

Two years ago Rory, started to get near to the eighty-year mark with the lease on his one bedroom flat in Queen's Park. Having purchased his flat 18 years previously, the length of the lease was of little concern. Thankfully, he noticed he needed to take steps soon on Extending the lease. Rory extended the lease just ahead of time last September. Rory and the freeholder via the managing agents eventually settled on an amount of £5,000 . If he had missed the deadline, the price would have become more costly by a minimum £1,050.

Queen's Park case:

In 2011 we were approached by Mrs C Bell who, having was assigned a lease of a one bedroom apartment in Queen's Park in January 2006. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical properties in Queen's Park with 100 year plus lease were valued about £255,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease finished on 17 September 2096. Taking into account 70 years outstanding we approximated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 not including expenses.