Queensbury 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 gets more expensive. Legislation has been in place for sometime now allowing qualifying Queensbury residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Queensbury you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Queensbury leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| TSB | |
| Royal Bank of Scotland |
The lawyers that we work with procure Queensbury 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 conveyancing solicitor we work with provide it.
Two years ago Gabriel, started to get close to the 80-year threshold with the lease on his garden apartment in Queensbury. In buying his property 19 years previously, the unexpired term was of minimal concern. by good luck, he noticed he needed to take steps soon on Extending the lease. Gabriel arranged for a lease extension at the eleventh hour in May. Gabriel and the freeholder in the end agreed on sum of £5,000 . If he not met the deadline, the sum would have increased by at least £975.
Last year we were called by Ms Georgia Mercier , who completed a newly refurbished apartment in Queensbury in September 2002. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparative properties in Queensbury with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expired in 2102. Having 76 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.
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 affected 1 flat. The number of years remaining on the existing lease(s) was 71.55 years.