The only way is down when it comes to Langley lease terms. Langley properties that have a remaining term less than than 80 years will de-escalate in market price even faster, and the cost to extend your lease will increase.
Leasehold properties in Langley with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Langley can be a difficult process. We recommend you get professional help 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 Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of unsuccessful discussions with the freeholder of her one bedroom apartment in Langley, Georgina initiated the lease extension process just as the lease was nearing the crucial 80-year threshold. The legal work completed in September 2007. The landlord’s costs were restricted to slightly above 500 GBP.
Ms E Gunderson owned a basement flat in Langley in July 2000. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparative properties in Langley with a long lease were in the region of £206,200. The average ground rent payable was £55 billed annually. The lease end date was on 14 June 2081. Considering the 56 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.
An example of a Freehold Enfranchisement decision for a Langley property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The number of years remaining on the existing lease(s) was 69 years.