Why you should commence your Langley lease extension

Main reasons to start your Langley lease extension today:

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

It’s an underpublicised certainty that a Langley residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Langley property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher amount will be payable. Most flat owners in Langley will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.

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

Leasehold premises in Langley with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to loan monies with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties when you need to dispose of or remortgage your flat as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your buyer will have to wait a couple of years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Langley?

Lease extensions in Langley can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in lease extensions.

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 procuring Langley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Langley Lease Extension Example Cases:

Leon, Langley, Berkshire,

Leon was the the leasehold owner of a high value apartment in Langley being marketed with a lease of fraction over sixty years unexpired. Leon on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Leon to invoke his statutory right. Leon obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Langley case:

Mrs Poppy Harris acquired a first floor flat in Langley in January 2007. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparative premises in Langley with an extended lease were in the region of £243,000. The average ground rent payable was £65 collected annually. The lease elapsed in 2089. Having 63 years outstanding we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of costs.