Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Queensbury. Inevitably, the length of lease left reduces over time. This is often ignored and only becomes a problem when the residence needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Queensbury have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. You should give due deliberation before putting off your Queensbury lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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. |
Lease extensions in Queensbury can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Queensbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eliot was the the leasehold owner of a 2 bedroom apartment in Queensbury being sold with a lease of fraction over 72 years outstanding. Eliot informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Last Winter we were e-mailed by Mr and Mrs. Y Moore , who moved into a one bedroom flat in Queensbury in September 1995. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical premises in Queensbury with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 billed yearly. The lease finished on 13 March 2101. Considering the 76 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.
An example of a Lease Extension decision 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 unexpired residue of the current lease was 71.55 years.