Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Langham. Clearly, the period of lease remaining reduces over time. This is often ignored and only becomes a problem when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Eligible leaseholders in Langham have the legal entitlement to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please give due consideration before putting off your Langham lease extension. Putting off that expense now only increases the price you will ultimately incur to extend your lease
Leasehold premises in Langham with over one hundred years unexpired 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 buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| 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. |
| 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 Langham can be a difficult process. We recommend you procure 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 in-depth market knowledge dealing with Langham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the freeholder of her purpose-built apartment in Langham, Laura commenced the lease extension process as the 80 year mark was rapidly nearing. The lease extension completed in October 2006. The freeholder’s costs were kept to an absolute minimum.
Last August we were e-mailed by Dr Dexter King , who moved into a studio apartment in Langham in March 2007. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Comparable flats in Langham with an extended lease were in the region of £200,800. The average ground rent payable was £65 collected quarterly. The lease expiry date was in 2086. Given that there were 60 years left we calculated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 plus fees.
Last Spring we were called by Ms L Walker , who took over the lease of a one bedroom flat in Langham in January 2010. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar premises in Langham with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 invoiced yearly. The lease ran out on 18 January 2097. Taking into account 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.