Stop! Your Lease Extension in Langford Could Be FREE

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Many leaseholders in Langford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Langford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Langford lease extension

Main reasons to commence your Langford lease extension today:

Increase your lease and increase your Langford property value

The market value of Langford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Langford with more than one hundred years outstanding 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 property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to lend on a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so where they are not able to get a mortgage, then the market price of your property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

What makes us experts in Langford lease extensions?

Regardless of whether you are a tenant or a landlord in Langford,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Langford valuers.

Langford Lease Extension Case Studies:

Lucy, Langford, Bedfordshire,

Trailing protracted discussions with the landlord of her basement flat in Langford, Lucy initiated the lease extension process just as her lease was nearing the crucial eighty-year deadline. The lease extension completed in October 2008. The landlord’s costs were kept to an absolute minimum.

Langford case:

Last year we were called by Mr and Mrs. O Watson , who completed a basement apartment in Langford in April 2010. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Langford with 100 year plus lease were valued about £275,000. The average amount of ground rent was £55 invoiced yearly. The lease finished on 20 January 2103. Having 77 years outstanding we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.

Langford case:

Last Spring we were approach by Mr and Mrs. P White , who was assigned a lease of a purpose-built apartment in Langford in April 1999. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Langford with an extended lease were in the region of £183,600. The average amount of ground rent was £65 billed monthly. The lease concluded in 2083. Given that there were 57 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including fees.