Why you should start your Langley lease extension

Top reasons for lease extension now:

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

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

Langley property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not lend on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the market price of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Langley lease extensions?

The conveyancers 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 Case Summaries:

Harrison, Langley, Berkshire

Two years ago Harrison, came dangerously close to the 80-year threshold with the lease on his ground floor flat in Langley. Having purchased his property 18 years ago, the unexpired term was of little importance. Luckily, he noticed he would imminently be paying way over the odds for a lease extension. Harrison arranged for a lease extension just in the nick of time last April. Harrison and the landlord in the end settled on sum of £5,000 . If he not met the deadline, the figure would have escalated by at least £975.

Langley case:

Ms R Lewis moved into a garden apartment in Langley in June 1998. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Identical homes in Langley with a long lease were worth £267,600. The average amount of ground rent was £65 collected yearly. The lease finished on 12 July 2093. Given that there were 67 years left we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus professional charges.