As the the remaining lease term of a Queenborough residential lease diminished so does its value and therefore the value of your property. Where the lease has, over one hundred years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending without delay. Many flat owners in Queenborough will qualify for this right; however a lawyer can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Queenborough with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
Retaining our service gives you better control over the value of your Queenborough 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.
Last Winter Ethan, started to get close to the eighty-year mark with the lease on his leasehold flat in Queenborough. In buying his property 19 years ago, the unexpired term was of little interest. Thankfully, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Ethan arranged for a lease extension just in the nick of time last March. Ethan and the landlord eventually agreed on the final figure of £5,000 . If he failed to meet the deadline, the premium would have become more exhorbitant by at least £1,025.
In 2013 we were phoned by Mrs G Bennett who, having was assigned a lease of a one bedroom apartment in Queenborough in July 1997. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparable flats in Queenborough with a long lease were worth £252,800. The average amount of ground rent was £65 collected every twelve months. The lease ran out on 19 May 2091. Given that there were 65 years outstanding we approximated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including expenses.
Last October we were contacted by Mr I Moore , who bought a purpose-built flat in Queenborough in February 2005. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative residencies in Queenborough with a long lease were in the region of £191,400. The average ground rent payable was £55 invoiced yearly. The lease ended in 2080. Given that there were 54 years unexpired we estimated the premium to the landlord for the lease extension to be within £34,200 and £39,600 plus professional charges.