Langland leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher premium will be due. Leasehold owners in Langland will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict timetables and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Langland can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Langland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper was the the leasehold owner of a high value apartment in Langland on the market with a lease of just over 61 years remaining. Jasper on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2011 we were called by Ms D Leroy who, having owned a first floor flat in Langland in October 2002. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar properties in Langland with an extended lease were in the region of £265,000. The average amount of ground rent was £50 billed yearly. The lease came to a finish in 2100. Taking into account 74 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.
In 2013 we were phoned by Mr and Mrs. P Nelson who, having bought a garden apartment in Langland in October 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Langland with 100 year plus lease were valued around £166,400. The mid-range ground rent payable was £60 invoiced per annum. The lease lapsed in 2080. Having 54 years remaining we estimated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of costs.