As the the remaining lease term of a Langley domestic lease lessens so does its value and therefore the value of your property. If the lease has, over one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Langley will meet the qualifying criteria; however a lawyer should be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Santander | |
| Virgin |
Lease extensions in Langley can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 a wealth of experience dealing with Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Leo owned a studio apartment in Langley on the market with a lease of fraction over fifty eight years unexpired. Leo on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Leo to invoke his statutory right. Leo obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.
Mrs H Richardson owned a studio apartment in Langley in September 2009. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Langley with 100 year plus lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease concluded on 19 August 2085. Given that there were 59 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 not including costs.
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 term as at the valuation date was 69 years.