Top reasons for Abbots Langley lease extension

Why you should start your Abbots Langley lease extension today:

A Abbots Langley lease depreciates with the years remaining on the lease.

Abbots Langley residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to finance a property on a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Considering many flats in Abbots Langley were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

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

Lease extensions in Abbots Langley can be a difficult process. We recommend you secure guidance from a lawyer 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 Abbots Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Abbots Langley Lease Extension Example Cases:

Jude, Abbots Langley, Hertfordshire,

Jude was the the leasehold owner of a high value flat in Abbots Langley being sold with a lease of just over 59 years outstanding. Jude on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jude to exercise his statutory right. Jude obtained expert advice and secured an acceptable deal informally and readily saleable.

Abbots Langley case:

In 2012 we were e-mailed by Mr Liam Davies who, having acquired a studio flat in Abbots Langley in April 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Similar homes in Abbots Langley with a long lease were worth £285,000. The average ground rent payable was £45 invoiced quarterly. The lease concluded in 2097. Considering the 71 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.

Abbots Langley case:

Last Autumn we were contacted by Mr and Mrs. N González , who purchased a first floor flat in Abbots Langley in January 2009. The question was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Identical properties in Abbots Langley with an extended lease were in the region of £225,800. The average ground rent payable was £60 invoiced annually. The lease ran out in 2086. Taking into account 60 years remaining we estimated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 not including costs.