Queenborough leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Queenborough residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Queenborough you really ought to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Queenborough leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with procure Queenborough 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.
Trailing unsuccessful discussions with the freeholder of her first floor flat in Queenborough, Maisie started the lease extension process just as the lease was approaching the all-important eighty-year mark. The legal work was finalised in March 2014. The landlord’s costs were negotiated to under 500 pounds.
Dr Isabel Gunderson purchased a first floor apartment in Queenborough in February 2000. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Queenborough with an extended lease were valued around £201,200. The average ground rent payable was £55 billed every twelve months. The lease expired on 23 November 2081. Considering the 56 years unexpired we approximated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including costs.
Dr M Rose moved into a ground floor flat in Queenborough in September 2005. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Comparative flats in Queenborough with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected every twelve months. The lease terminated in 2101. Taking into account 76 years unexpired we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of legals.