Why you should start your Langley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Langley property value

The only way is down when it comes to Langley lease terms. Langley flats that have a lease term fewer than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. As many flats in Langley were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Langley lease extensions?

Regardless of whether you are a tenant or a landlord in Langley,the lease extension experts that we work with will always be prepared 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 Case Summaries:

Jackson, Langley, Berkshire,

Jackson was the the leasehold owner of a studio flat in Langley on the market with a lease of a few days over fifty eight years remaining. Jackson informally approached his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jackson to exercise his statutory right. Jackson procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Langley case:

Last Christmas we were contacted by Mr and Mrs. A Bennett , who bought a one bedroom apartment in Langley in January 2006. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Identical premises in Langley with a long lease were valued around £300,000. The average ground rent payable was £50 billed yearly. The lease ran out in 2101. Having 75 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.