Stop! Your Lease Extension in Buckley Could Be FREE

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Many leaseholders in Buckley are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Buckley has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Buckley lease extension

Why you should start your Buckley lease extension today:

A Buckley lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Buckley. Inevitably, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Buckley have the right to extend the lease for a further 90 years under Leasehold Reform legislation. You should give due deliberation before putting off your Buckley lease extension. Putting off the cost now likely increases the price you will eventually incur to extend your lease

Buckley property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
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 are not acceptable.

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;
Halifax Minimum 70 years from the date of the mortgage.
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
Yorkshire 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.

Why use us for your lease extension in Buckley?

The conveyancers that we work with procure Buckley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Buckley Lease Extension Case Studies:

Morgan, Buckley, Flintshire,

Following lengthy discussions with the landlord of her studio apartment in Buckley, Morgan initiated the lease extension process just as her lease was nearing the all-important 80-year threshold. The lease extension completed in January 2013. The landlord’s fees were restricted to a tad over 650 pounds.

Buckley case:

Mr and Mrs. O Brooks took over the lease of a first floor flat in Buckley in April 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Buckley with a long lease were valued around £206,200. The average ground rent payable was £60 invoiced quarterly. The lease termination date was on 14 August 2082. Considering the 56 years outstanding we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.

Buckley case:

Last Winter we were contacted by Mr and Mrs. N Miller , who acquired a ground floor apartment in Buckley in February 1995. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Comparative homes in Buckley with 100 year plus lease were worth £300,000. The average ground rent payable was £50 invoiced monthly. The lease termination date was on 26 May 2102. Having 76 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.