On the balance of probabilities if you own a flat in Langford you actually own a long leasehold interest over your property
Leasehold premises in Langford with over 100 years left on the lease are often 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 reversionary interest unless savings on ground rent and maintenance charges justify it.
Lender | Requirement |
---|---|
Bank of Scotland | Minimum 70 years from the date of the mortgage. |
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. |
National Westminster Bank | Mortgage term plus 30 years. |
Royal Bank of Scotland | Mortgage term plus 30 years. |
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 conveyancer and valuer with experience in lease extensions.
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 a wealth of experience 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.
Seth was the the leasehold proprietor of a studio apartment in Langford being sold with a lease of a few days over 61 years outstanding. Seth on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Seth to invoke his statutory right. Seth procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
In 2013 we were called by Ms K Rogers who, having acquired a one bedroom flat in Langford in February 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Langford with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 collected per annum. The lease elapsed in 2100. Taking into account 75 years outstanding we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.
In 2011 we were approached by Mrs W Ali who, having acquired a ground floor flat in Langford in September 2007. The dilemma was if we could estimate the price would likely be to prolong the lease by an additional years. Similar homes in Langford with 100 year plus lease were worth £173,800. The average ground rent payable was £60 collected quarterly. The lease finished in 2080. Having 55 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of costs.