Main reasons to start your Langley lease extension

Main reasons to commence your Langley lease extension today:

A Langley leasehold property depreciates with the years remaining on the lease.

Langley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Langley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Langley you would be well advised to see if your lease has between 70 and 90 years left. There are compelling reasons why a Langley leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay

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

Leasehold residencies in Langley with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not finance a property with a short lease

Almost all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't obtain a mortgage, then the value of your property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

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

Lease extensions in Langley can be a difficult process. We recommend you secure professional help from a lawyer 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 procuring Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Langley Lease Extension Case Studies:

James, Langley, Berkshire,

James owned a studio flat in Langley on the market with a lease of fraction over 72 years outstanding. James on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were James to exercise his statutory right. James obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.

Langley case:

In 2012 we were phoned by Dr Jayden Murphy who, having moved into a first floor apartment in Langley in January 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Langley with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 collected per annum. The lease finished on 19 September 2082. Having 57 years as a residual term we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including costs.