Why you should start your Langley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Langley property value

Langley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Langley residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Langley you should investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred 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 property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

Mortgage lenders have specific criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Langley property.

What makes us experts in Langley lease extensions?

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

Langley Lease Extension Case Studies:

Austin, Langley, Berkshire

Last October Austin, came critically close to the eighty-year mark with the lease on his two bedroom flat in Langley. Having bought his property two decades ago, the length of the lease was of little interest. Fortunately, he became aware that he would imminently be paying an inflated amount for a lease extension. Austin was able to extend his lease at the eleventh hour last March. Austin and the landlord eventually agreed on a premium of £6,000 . If the lease had slipped below 80 years, the premium would have gone up by at least £900.

Langley case:

Last month we were approach by Mr Y Gray , who bought a first floor flat in Langley in August 1996. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Identical residencies in Langley with an extended lease were worth £285,000. The average amount of ground rent was £45 billed quarterly. The lease expired on 27 November 2097. Having 71 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.