Langford Lease Extension - Free Consultation

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Main reasons to start your Langford lease extension


Why you should commence your Langford lease extension today:

Increase your lease and increase your Langford property value

Unfortunately that a Langford residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Langford property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If the number of years remaining dips below 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Langford will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your lawyer from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 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 lend on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be unacceptable for lending purposes.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Langford?

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

Langford Lease Extension Case Studies:

John, Langford, Bedfordshire

During the course of the last few months John, started to get near to the eighty-year mark with the lease on his basement flat in Langford. In buying his home 19 years ago, the length of the lease was of minimal significance. As luck would have it, he became aware that he needed to take steps soon on a lease extension. John arranged for a lease extension at the eleventh hour last April. John and the freeholder eventually settled on the final figure of £5,000 . If he not met the deadline, the sum would have gone up by at least £1,100.

Langford case:

Dr B Lewis moved into a recently refurbished flat in Langford in April 2000. The question was if we could estimate the premium would likely be for a 90 year lease extension. Identical residencies in Langford with 100 year plus lease were valued about £227,800. The mid-range amount of ground rent was £45 invoiced yearly. The lease ended in 2090. Given that there were 65 years remaining we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.

Langford case:

In 2009 we were e-mailed by Mr R Dupont who, having owned a one bedroom flat in Langford in July 2004. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Similar residencies in Langford with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ran out on 24 June 2101. Given that there were 76 years left we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.