The closer a residential lease in Kings Langley nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 100 years remaining then this decrease may be fractional however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. The majority of flat owners in Kings Langley will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Virgin |
Using our service will provide you better control over the value of your Kings Langley leasehold, as your property will be more valuable and saleable 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.
John was the the leasehold owner of a high value apartment in Kings Langley being sold with a lease of just over 72 years unexpired. John informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were John to exercise his statutory right. John obtained expert legal guidance and secured satisfactory deal informally and sell the flat.
In 2009 we were approached by Mr and Mrs. M James who, having bought a purpose-built apartment in Kings Langley in March 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable flats in Kings Langley with 100 year plus lease were worth £198,800. The mid-range amount of ground rent was £55 billed annually. The lease end date was in 2081. Having 55 years unexpired we calculated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 plus fees.
Last Autumn we were approach by Mrs O Martínez , who was assigned a lease of a ground floor apartment in Kings Langley in April 2000. The question was if we could estimate the price would be for a ninety year lease extension. Similar residencies in Kings Langley with a long lease were worth £295,000. The mid-range ground rent payable was £50 invoiced annually. The lease concluded on 27 April 2101. Having 75 years left we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.