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Why you should commence your Langley lease extension


Top reasons for lease extension now:

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

When it comes to long leasehold premises in Langley, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are less than eighty years left. Leasehold owners in Langley with a lease drawing near to 81 years left should seriously think of extending it sooner rather than later. Once the lease term has less than 80 years left, under the current Act the landlord is entitled to calculate and levy a greater premium, based on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be insufficient for lending purposes.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Langley?

Regardless of whether you are a tenant or a freeholder in Langley,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Langley valuers.

Langley Lease Extension Example Cases:

John, Langley, Berkshire,

John was the the leasehold proprietor of a conversion apartment in Langley being sold with a lease of a little over 61 years unexpired. John on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were John to exercise his statutory right. John obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.

Langley case:

Last Christmas we were called by Mr Aarav Martinez , who bought a garden flat in Langley in July 1996. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative homes in Langley with 100 year plus lease were valued about £223,400. The average amount of ground rent was £60 invoiced monthly. The lease elapsed in 2082. Given that there were 59 years remaining we calculated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 exclusive of legals.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Langley flat 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 related to 2 flats. The unexpired lease term was 69 years.