Langford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Langford enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Langford you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB |
The conveyancers that we work with undertake Langford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Off the back of protracted negotiations with the landlord of her first floor apartment in Langford, Freya commenced the lease extension process as the eighty year mark was rapidly coming. The legal work completed in November 2011. The landlord’s charges were restricted to approximately 650 GBP.
Last Spring we were called by Mr and Mrs. I Robinson , who owned a studio apartment in Langford in July 2009. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Langford with 100 year plus lease were worth £176,200. The mid-range ground rent payable was £65 billed annually. The lease came to a finish on 10 March 2082. Taking into account 56 years unexpired we estimated the premium to the landlord to extend the lease to be between £29,500 and £34,000 plus professional charges.
Mrs V Díaz took over the lease of a basement apartment in Langford in August 2002. The question was if we could approximate the premium would be for a 90 year extension to my lease. Identical residencies in Langford with an extended lease were valued around £242,600. The mid-range ground rent payable was £45 invoiced per annum. The lease expired on 22 May 2093. Having 67 years unexpired we calculated the premium to the landlord to extend the lease to be between £11,400 and £13,200 not including fees.