Langford leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the current lease dips under eighty years - otherwise a higher amount will be due. Leasehold owners in Langford will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Langford can be a difficult process. We recommend you secure professional help 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 dealing with Langford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Edward was the the leasehold proprietor of a studio apartment in Langford being marketed with a lease of just over 72 years remaining. Edward informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Edward to invoke his statutory right. Edward obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Ms H Lee acquired a first floor apartment in Langford in October 2004. The question was if we could estimate the premium would be for a ninety year lease extension. Identical properties in Langford with an extended lease were worth £200,800. The mid-range ground rent payable was £65 invoiced annually. The lease expired on 28 November 2086. Taking into account 60 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus expenses.
Mr and Mrs. W Patel took over the lease of a one bedroom flat in Langford in August 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative premises in Langford with 100 year plus lease were valued about £255,000. The mid-range ground rent payable was £50 billed yearly. The lease terminated in 2097. Given that there were 71 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.