When it comes to domestic leasehold premises in Kings Langley, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly when there are fewer than eighty years left. Anyone in Kings Langley with a lease nearing 81 years remaining should seriously think of extending it as soon as possible. When the lease term has less than eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and levy a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| TSB | |
| Virgin |
Using our service gives you better control over the value of your Kings Langley leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Logan was the the leasehold owner of a high value flat in Kings Langley on the market with a lease of fraction over 72 years left. Logan informally approached his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Logan to invoke his statutory right. Logan obtained expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.
Last January we were e-mailed by Mr and Mrs. R Bell , who purchased a ground floor apartment in Kings Langley in July 1997. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Identical properties in Kings Langley with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 billed every twelve months. The lease end date was on 7 April 2093. Having 67 years left we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 not including expenses.
Last year we were approach by Mr and Mrs. J Richardson , who purchased a basement flat in Kings Langley in April 1998. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparable flats in Kings Langley with an extended lease were valued around £206,200. The mid-range amount of ground rent was £55 billed yearly. The lease concluded in 2082. Having 56 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.