The only way is down when it comes to Langland lease terms. Langland leaseholds that have a residual term fewer than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will go up.
Leasehold premises in Langland with over one hundred years left on the lease are often referred to as ‘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 freehold unless savings on ground rent and service charges warrant it.
| 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. |
| 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Irrespective of whether you are a tenant or a landlord in Langland,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Langland valuers.
Two years ago Jackson, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Langland. Having purchased his flat 19 years previously, the length of the lease was of little interest. by good luck, he recognised he would soon be paying an escalated premium for a lease extension. Jackson was able to extend his lease just ahead of time last August. Jackson and the freeholder subsequently settled on sum of £5,500 . If he not met the deadline, the amount would have become more costly by a minimum £900.
Mr Sam Scott bought a newly refurbished flat in Langland in July 2002. The question was if we could approximate the premium would be for a ninety year extension to my lease. Identical residencies in Langland with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 billed yearly. The lease expired in 2088. Given that there were 62 years remaining we approximated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus expenses.
Last February we were phoned by Mrs J Cooper , who moved into a purpose-built flat in Langland in July 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Langland with an extended lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease elapsed on 25 March 2099. Given that there were 73 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.