The nearer a domestic lease in London Colney gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, beyond 99 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in London Colney will qualify for this right; that being said a conveyancing solicitor can confirm whether you are eligible to extend your lease. In limited 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 property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a freeholder in London Colney,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with London Colney valuers.
Off the back of unsuccessful correspondence with the landlord of her garden flat in London Colney, Ellie commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The legal work was finalised in January 2007. The freeholder’s costs were kept to an absolute minimum.
Dr Owen Flores bought a basement flat in London Colney in November 2008. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in London Colney with a long lease were valued about £275,000. The average ground rent payable was £55 invoiced annually. The lease expired in 2101. Taking into account 76 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.
Last October we were phoned by Mr and Mrs. E Robinson , who bought a newly refurbished flat in London Colney in August 2002. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Identical properties in London Colney with an extended lease were valued about £176,200. The average ground rent payable was £65 collected quarterly. The lease lapsed on 22 June 2081. Given that there were 56 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including legals.