Main reasons to start your Queenborough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Queenborough property value

Queenborough leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Queenborough tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Queenborough you should see if your lease has between seventy and 90 years left. There are good reasons why a Queenborough leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is put in place without delay

Queenborough property with a lease extension has roughly the same value as a freehold

Leasehold properties in Queenborough with more than 100 years outstanding 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not loan monies on a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Queenborough property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Queenborough lease extensions?

The conveyancers 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 lawyer we work with provide it.

Queenborough Lease Extension Case Summaries:

George, Queenborough, Kent,

George was the the leasehold proprietor of a conversion flat in Queenborough being sold with a lease of a little over 59 years unexpired. George informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were George to exercise his statutory right. George obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.

Queenborough case:

Last April we were called by Mr and Mrs. H Davies , who owned a purpose-built flat in Queenborough in October 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Queenborough with 100 year plus lease were worth £191,400. The mid-range ground rent payable was £55 collected quarterly. The lease termination date was in 2080. Taking into account 54 years remaining we calculated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including costs.

Queenborough case:

Last Summer we were e-mailed by Dr W Moore , who bought a purpose-built flat in Queenborough in August 1995. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Identical residencies in Queenborough with an extended lease were worth £295,000. The mid-range ground rent payable was £45 collected every twelve months. The lease elapsed on 18 March 2100. Considering the 74 years left we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including fees.