Why you should start your Longford lease extension

Main reasons to commence your Longford lease extension today:

Increase your lease and increase your Longford property value

For anyone whose Longford home is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

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

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Longford home.

What makes us experts in Longford lease extensions?

Engaging our service gives you better control over the value of your Longford leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Longford Lease Extension Example Cases:

Zachary, Longford, West London,

Zachary owned a conversion flat in Longford on the market with a lease of just over sixty years unexpired. Zachary informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Zachary to exercise his statutory right. Zachary procured expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Longford case:

Mr and Mrs. A Young purchased a ground floor apartment in Longford in June 2007. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable premises in Longford with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced annually. The lease concluded in 2093. Having 67 years unexpired we approximated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including legals.