Chances are that if you own a flat in Buckley you actually own a long leasehold interest over your property
Leasehold properties in Buckley with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Irrespective of whether you are a tenant or a freeholder in Buckley,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Buckley valuers.
Samuel owned a studio apartment in Buckley being marketed with a lease of a few days over sixty years unexpired. Samuel on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Samuel to exercise his statutory right. Samuel procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.
Mr and Mrs. W Gómez purchased a first floor apartment in Buckley in May 1997. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Buckley with a long lease were valued about £210,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed on 22 June 2105. Considering the 80 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.
Last Spring we were called by Mr Daniel Simon , who took over the lease of a basement flat in Buckley in April 2006. We are asked if we could approximate the price would be for a 90 year lease extension. Identical premises in Buckley with an extended lease were in the region of £275,000. The average ground rent payable was £45 billed quarterly. The lease concluded in 2094. Having 69 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.