Queenborough leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in Queenborough will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain situations you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Queenborough with more than 100 years remaining 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 upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Queenborough can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in lease extensions.
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 in-depth market knowledge procuring Queenborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her garden apartment in Queenborough, Danielle started the lease extension process as the 80 year threshold was rapidly advancing. The lease extension completed in January 2006. The landlord’s costs were restricted to under 700 pounds.
In 2011 we were phoned by Mrs Y Vincent who, having took over the lease of a basement flat in Queenborough in August 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Queenborough with an extended lease were worth £243,000. The mid-range ground rent payable was £65 invoiced annually. The lease finished in 2088. Taking into account 63 years left we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of professional charges.
Last Autumn we were phoned by Mr and Mrs. N David , who completed a first floor apartment in Queenborough in April 2010. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative residencies in Queenborough with 100 year plus lease were worth £181,600. The mid-range ground rent payable was £55 collected annually. The lease end date was in 2077. Considering the 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.