Main reasons to start your Park Langley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Park Langley property value

Park Langley leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the existing lease drops below eighty years - otherwise a higher premium will be due. Leasehold owners in Park Langley will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and formalities to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Most high street banks are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As many flats in Park Langley were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Park Langley?

Using our service gives you better control over the value of your Park Langley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Park Langley Lease Extension Case Summaries:

Lily, Park Langley, South East London,

After unsuccessful correspondence with the freeholder of her basement flat in Park Langley, Lily initiated the lease extension process just as the lease was nearing the critical eighty-year deadline. The lease extension completed in August 2005. The freeholder’s fees were restricted to less than 500 pounds.

Park Langley case:

Dr T Morel moved into a garden apartment in Park Langley in September 2006. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparative flats in Park Langley with 100 year plus lease were worth £280,000. The average ground rent payable was £45 billed monthly. The lease elapsed in 2095. Taking into account 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.

Park Langley case:

Mr L López bought a studio flat in Park Langley in January 2001. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Identical premises in Park Langley with an extended lease were worth £216,000. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2084. Having 58 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including legals.