Why you should start your Langstone lease extension

Main reasons to start your Langstone lease extension today:

Increase your lease and increase your Langstone property value

Langstone leases on residential properties are gradually losing value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease falls below eighty years - otherwise a higher premium will be payable. Flat owners in Langstone will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold residencies in Langstone with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to lend with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that plenty of flats in Langstone were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Langstone lease extensions?

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

Langstone Lease Extension Case Summaries:

Thomas, Langstone, Newport,

Thomas owned a conversion apartment in Langstone being marketed with a lease of a little over 61 years unexpired. Thomas informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Thomas to exercise his statutory right. Thomas obtained expert advice and secured an acceptable resolution informally and sell the property.

Langstone case:

Mr and Mrs. J Wright completed a newly refurbished apartment in Langstone in May 2004. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical premises in Langstone with an extended lease were valued about £280,000. The average amount of ground rent was £55 invoiced monthly. The lease ended on 27 August 2104. Considering the 78 years left we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.

Langstone case:

In 2012 we were approached by Ms W Richardson who, having was assigned a lease of a garden flat in Langstone in June 1998. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Langstone with 100 year plus lease were in the region of £191,000. The mid-range ground rent payable was £65 invoiced monthly. The lease terminated in 2084. Having 58 years outstanding we approximated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of fees.