Main reasons to start your Langley lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Langley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Langley?

The lawyers that we work with handle Langley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Langley Lease Extension Example Cases:

Shannon, Langley, Berkshire,

Off the back of unsuccessful discussions with the landlord of her two bedroom flat in Langley, Shannon started the lease extension process as the 80 year deadline was rapidly nearing. The transaction completed in June 2009. The freeholder’s charges were kept to an absolute minimum.

Langley case:

Last Christmas we were contacted by Dr Jake Norbert , who moved into a one bedroom apartment in Langley in March 1995. The dilemma was if we could approximate the price could be for a 90 year lease extension. Identical properties in Langley with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 billed per annum. The lease elapsed in 2105. Taking into account 79 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.