The nearer a domestic lease in Buckley nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 99 years to run then this decrease may be of little impact however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Buckley will meet the qualifying criteria; that being said a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Buckley with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Buckley,the lease extension solicitors 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 Buckley valuers.
After unsuccessful negotiations with the landlord of her first floor flat in Buckley, Anna commenced the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension completed in February 2008. The freeholder’s costs were restricted to less than four hundred pounds.
Last Summer we were called by Ms G Brooks , who bought a one bedroom flat in Buckley in November 2012. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Buckley with 100 year plus lease were valued about £240,600. The average ground rent payable was £60 collected per annum. The lease finished on 8 January 2087. Having 62 years unexpired we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of costs.
In 2013 we were e-mailed by Mr and Mrs. J Edwards who, having owned a one bedroom apartment in Buckley in June 2011. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Buckley with an extended lease were valued about £174,200. The average amount of ground rent was £55 invoiced quarterly. The lease ended on 17 August 2076. Considering the 51 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.