Top reasons for Queensbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Queensbury property value

With a residential leasehold premises in Queensbury, you are actually purchasing a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than 80 years left. Residents in Queensbury with a lease approaching 81 years left should seriously think of extending it as soon as possible. When the lease term has fewer than 80 years outstanding, under the relevant Act the freeholder can calculate and demand a greater premium, based on a technical calculation, strangely termed as “marriage value” which is payable.

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

Leasehold premises in Queensbury with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not grant a mortgage on a short lease

Lenders are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As a number of flats in Queensbury were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Get in touch with one of our Queensbury lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you increased control over the value of your Queensbury leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Queensbury Lease Extension Case Studies:

Jack, Queensbury, West Yorkshire

Last year Jack, came critically close to the eighty-year threshold with the lease on his purpose- built flat in Queensbury. In buying his flat 19 years previously, the lease term was of little importance. Thankfully, he noticed he needed to take action soon on a lease extension. Jack extended the lease at the eleventh hour last July. Jack and the freeholder ultimately agreed on sum of £5,500 . If he not met the deadline, the figure would have become more exhorbitant by at least £1,100.

Queensbury case:

In 2009 we were called by Dr Nathaniel Khan who, having was assigned a lease of a one bedroom flat in Queensbury in May 1996. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative residencies in Queensbury with a long lease were in the region of £275,000. The average amount of ground rent was £65 invoiced quarterly. The lease expiry date was on 19 May 2094. Considering the 68 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.