Langford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Langford enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Langford you should investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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. |
Engaging our service gives you enhanced control over the value of your Langford leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
14 months ago Riley, started to get close to the eighty-year mark with the lease on his purpose- built apartment in Langford. In buying his property two decades ago, the unexpired term was of little bearing. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Riley arranged for a lease extension just under the wire last August. Riley and the landlord in the end agreed on the final figure of £6,000 . If the lease had gone to less than eighty years, the sum would have escalated by at least £900.
In 2011 we were phoned by Mr Riley Morgan who, having was assigned a lease of a one bedroom apartment in Langford in October 2001. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical flats in Langford with a long lease were worth £285,000. The average ground rent payable was £55 billed per annum. The lease finished in 2106. Given that there were 80 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.
In 2010 we were phoned by Ms Nicole Fournier who, having took over the lease of a garden apartment in Langford in September 1998. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparative premises in Langford with an extended lease were valued around £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease came to a finish in 2086. Considering the 60 years outstanding we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 plus costs.