Why you should commence your Langham lease extension

Why you should start your Langham lease extension today:

Increase your lease and increase your Langham property value

Langham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Langham enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Langham you would be well advised to check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

Langham property with a lease extension is almost the same value as a freehold

Leasehold properties in Langham with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to lend with a short lease

Lenders are really restricting their approach as regards to homes in Langham with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting the amount of prospective purchasers.

Get in touch with one of our Langham lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Langham,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Langham valuers.

Langham Lease Extension Case Studies:

Maisie, Langham, Rutland,

Subsequent to protracted negotiations with the landlord of her two bedroom apartment in Langham, Maisie commenced the lease extension process as the eighty year threshold was rapidly coming. The transaction completed in June 2015. The freeholder’s costs were kept to an absolute minimum.

Langham case:

In 2011 we were e-mailed by Mr and Mrs. J Adams who, having owned a recently refurbished flat in Langham in July 1998. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable residencies in Langham with a long lease were valued around £242,600. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated on 27 November 2093. Having 67 years outstanding we calculated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus legals.

Langham case:

Last Spring we were called by Mr C Laurent , who was assigned a lease of a studio flat in Langham in August 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Langham with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 collected annually. The lease concluded on 14 January 2104. Having 78 years outstanding we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.