Kings Langley leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease drops lower than eighty years - otherwise a higher premium will be due. Flat owners in Kings Langley will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Kings Langley with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 Kings Langley can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer 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 a wealth of experience procuring Kings Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the freeholder of her leasehold flat in Kings Langley, Rhiannon initiated the lease extension process as the 80 year mark was fast approaching. The legal work was concluded in March 2014. The landlord’s fees were restricted to under 500 pounds.
In 2009 we were approached by Mrs Gemma Davies who, having completed a garden flat in Kings Langley in May 2002. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical residencies in Kings Langley with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 collected per annum. The lease finished on 5 November 2105. Taking into account 79 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.
In 2014 we were e-mailed by Dr Samuel Rodríguez who, having was assigned a lease of a recently refurbished flat in Kings Langley in May 1996. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar flats in Kings Langley with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 11 April 2094. Given that there were 68 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of costs.