The only way is down when it comes to Queen's Park lease terms. Queen's Park leaseholds that have a remaining term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.
Leasehold properties in Queen's Park with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | 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. |
| Yorkshire 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. |
Using our service will provide you better control over the value of your Queen's Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last Christmas Caleb, came dangerously close to the eighty-year threshold with the lease on his first floor apartment in Queen's Park. In buying his home twenty years ago, the length of the lease was of no concern. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Caleb extended the lease just under the wire in August. Caleb and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he had missed the deadline, the premium would have escalated by at least £1,025.
Dr Jackson Patel took over the lease of a one bedroom apartment in Queen's Park in November 1995. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative flats in Queen's Park with 100 year plus lease were worth £193,400. The mid-range ground rent payable was £65 collected monthly. The lease came to a finish on 3 July 2084. Given that there were 59 years unexpired we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including costs.
An example of a Freehold Enfranchisement decision 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 was in relation to 2 flats. The remaining number of years on the lease was 70.02 years.