Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Queen's Park. Clearly, the period of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Queen's Park have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Please give due consideration before delaying your Queen's Park lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease
Leasehold premises in Queen's Park with more than one hundred years unexpired 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 to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Leeds Building Society | 85 years remaining from the start 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 |
Lease extensions in Queen's Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 dealing with Queen's Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the freeholder of her leasehold apartment in Queen's Park, Laura commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was concluded in July 2005. The freeholder’s fees were kept to an absolute minimum.
Mr and Mrs. H Girard took over the lease of a one bedroom flat in Queen's Park in March 2005. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Queen's Park with an extended lease were in the region of £280,000. The average ground rent payable was £55 billed yearly. The lease terminated on 12 November 2104. Taking into account 78 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including fees.
An example of a Freehold Enfranchisement case for a Queen's Park residence is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The unexpired residue of the current lease was 70.02 years.