Main reasons to start your Langport lease extension

Why you should start your Langport lease extension today:

Increase your lease and increase your Langport property value

Langport leases on domestic properties are gradually losing value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Langport will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Langport property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Langport lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your Langport leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Langport Lease Extension Case Studies:

Abbie, Langport, Somerset,

Trailing lengthy discussions with the landlord of her basement apartment in Langport, Abbie started the lease extension process just as the lease was coming close to the all-important 80-year mark. The legal work completed in April 2009. The freeholder’s costs were negotiated to approximately 550 GBP.

Langport case:

Last Autumn we were contacted by Dr Jack Davis , who owned a one bedroom apartment in Langport in August 2011. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar homes in Langport with a long lease were valued about £275,000. The mid-range ground rent payable was £55 billed annually. The lease came to a finish in 2102. Given that there were 76 years remaining we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Langport case:

Last month we were phoned by Ms Millie Bonnet , who bought a purpose-built flat in Langport in February 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Identical homes in Langport with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 invoiced monthly. The lease came to a finish in 2082. Having 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of expenses.