Park Langley leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Park Langley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Park Langley you would be well advised to investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
Leasehold properties in Park Langley with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Park Langley,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Park Langley valuers.
Ben was the the leasehold proprietor of a conversion apartment in Park Langley on the market with a lease of just over 59 years left. Ben on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Ben to invoke his statutory right. Ben procured expert legal guidance and secured an acceptable resolution informally and readily saleable.
Mr and Mrs. D Mitchell moved into a garden flat in Park Langley in March 1995. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative premises in Park Langley with an extended lease were in the region of £295,000. The average amount of ground rent was £45 billed quarterly. The lease came to a finish in 2099. Considering the 74 years remaining we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.
Dr Owen Edwards purchased a one bedroom flat in Park Langley in July 2010. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar homes in Park Langley with an extended lease were in the region of £243,000. The average amount of ground rent was £65 collected annually. The lease ended on 14 September 2088. Taking into account 63 years remaining we estimated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 plus expenses.