Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Langford. Clearly, the period of lease left shortens over time. This is often ignored and only raises itself as an issue when the residence needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Langford have the right to extend the lease for a further ninety years in accordance with legislation. Do give due attention before putting off your Langford lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension
It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Langford can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 in-depth market knowledge 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.
Trailing lengthy discussions with the freeholder of her purpose-built flat in Langford, Molly initiated the lease extension process as the 80 year deadline was fast coming. The transaction was finalised in April 2014. The landlord’s costs were kept to an absolute minimum.
In 2012 we were called by Mr and Mrs. Y Ricardo who, having acquired a first floor apartment in Langford in October 2000. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Identical premises in Langford with an extended lease were worth £255,000. The average ground rent payable was £50 billed annually. The lease elapsed on 12 October 2097. Given that there were 71 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.
Mr and Mrs. B Nguyen bought a ground floor flat in Langford in June 1999. The dilemma was if we could approximate the price could be to prolong the lease by a further 90 years. Identical residencies in Langford with 100 year plus lease were in the region of £254,200. The average ground rent payable was £60 invoiced yearly. The lease end date was in 2077. Given that there were 51 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 not including legals.