Langford leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Leasehold owners in Langford will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases 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 conveyancing solicitor during the process.
Leasehold properties in Langford with over one hundred years unexpired 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 situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| 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. |
| 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. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Langford,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Langford valuers.
Following unsuccessful discussions with the landlord of her one bedroom apartment in Langford, Chelsea started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in February 2014. The freeholder’s costs were negotiated to slightly above 600 GBP.
Last year we were contacted by Mr and Mrs. M Scott , who purchased a garden flat in Langford in May 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Identical flats in Langford with a long lease were valued around £183,600. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed in 2083. Given that there were 57 years outstanding we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of expenses.
In 2013 we were called by Dr V Lewis who, having acquired a recently refurbished flat in Langford in February 2008. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable flats in Langford with 100 year plus lease were in the region of £245,000. The average ground rent payable was £50 collected monthly. The lease ended on 18 May 2094. Considering the 68 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.