The market value of a leasehold property in Queensbury is impacted by how long the lease has remaining. If it is close to or less than eighty years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. Ideally one should start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be concluded in advance of the eighty year mark. Leasehold Reform legislation entitles Queensbury qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of 90 years. The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| Santander | |
| Virgin |
Retaining our service will provide you better control over the value of your Queensbury leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following unsuccessful negotiations with the freeholder of her basement apartment in Queensbury, Jessica initiated the lease extension process just as the lease was coming close to the all-important 80-year deadline. The legal work was finalised in April 2014. The freeholder’s charges were negotiated to less than four hundred GBP.
In 2014 we were phoned by Dr V Hernández who, having completed a garden flat in Queensbury in March 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparable homes in Queensbury with an extended lease were in the region of £210,000. The average amount of ground rent was £50 invoiced quarterly. The lease elapsed on 13 May 2106. Taking into account 80 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.
An example of a Lease Extension matter before the tribunal for a Queensbury residence is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case was in relation to 1 flat. The remaining number of years on the lease was 71.55 years.