Chances are that where you own a flat in Langley you actually own a long leasehold interest over your property
Leasehold properties in Langley 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 circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service gives you better control over the value of your Langley leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Langley, Laura commenced the lease extension process as the eighty year threshold was quickly advancing. The legal work was concluded in May 2005. The landlord’s costs were kept to an absolute minimum.
Mrs N Ramírez completed a one bedroom flat in Langley in June 2009. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable homes in Langley with a long lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed per annum. The lease concluded in 2088. Having 64 years unexpired we approximated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of fees.
An example of a Freehold Enfranchisement decision for a Langley premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired lease term was 69 years.