The only way is down when it comes to Langham lease terms. Langham flats that have a lease term lower than 80 years will de-escalate in value even faster, and the cost to extend your lease will rise.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | 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. |
Engaging our service will provide you enhanced control over the value of your Langham leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of lengthy discussions with the freeholder of her basement flat in Langham, Samantha initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction was concluded in August 2006. The landlord’s costs were negotiated to below four hundred GBP.
Mr and Mrs. R Miller was assigned a lease of a purpose-built apartment in Langham in June 2007. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparative premises in Langham with an extended lease were in the region of £275,000. The average ground rent payable was £55 billed annually. The lease expired on 4 November 2102. Having 77 years unexpired we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including expenses.
Mrs U Morel completed a newly refurbished apartment in Langham in April 2002. We are asked if we could estimate the price would be for a ninety year extension to my lease. Similar residencies in Langham with 100 year plus lease were in the region of £183,600. The average amount of ground rent was £65 billed every twelve months. The lease came to a finish in 2082. Taking into account 57 years outstanding we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.