Main reasons to start your Langport lease extension

Main reasons to start your Langport lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Langport. Inevitably, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Langport have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before putting off your Langport lease extension. Holding off the cost now only increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be insufficient for lending purposes.

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

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

Langport Lease Extension Example Cases:

Ryan, Langport, Somerset,

Ryan owned a conversion apartment in Langport being marketed with a lease of fraction over sixty years left. Ryan informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Ryan to invoke his statutory right. Ryan procured expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Langport case:

In 2011 we were approached by Dr Adam Clarke who, having bought a one bedroom flat in Langport in July 1995. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Langport with 100 year plus lease were worth £183,600. The mid-range amount of ground rent was £65 collected monthly. The lease ended in 2083. Considering the 57 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of legals.

Langport case:

In 2011 we were e-mailed by Mrs Molly Moore who, having owned a one bedroom apartment in Langport in July 2003. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Langport with 100 year plus lease were in the region of £245,000. The mid-range ground rent payable was £50 billed monthly. The lease expired in 2094. Given that there were 68 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.