Stop! Your Lease Extension in Buckingham Could Be FREE

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Many leaseholders in Buckingham 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 Buckingham 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 Buckingham lease extension

Why you should commence your Buckingham lease extension today:

A Buckingham leasehold property depreciates with the years remaining on the lease.

Buckingham residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

Buckingham property with a lease extension has roughly the same value as a freehold

Leasehold premises in Buckingham with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be aware that it is probable that someone wishing to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the market price of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

What makes us experts in Buckingham lease extensions?

Engaging our service will provide you increased control over the value of your Buckingham leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Buckingham Lease Extension Case Studies:

Natalie, Buckingham, Buckinghamshire,

After protracted negotiations with the landlord of her first floor apartment in Buckingham, Natalie initiated the lease extension process just as the lease was approaching the all-important eighty-year threshold. The transaction was finalised in February 2009. The landlord’s charges were kept to an absolute minimum.

Buckingham case:

Mr and Mrs. B David took over the lease of a basement flat in Buckingham in August 2008. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative premises in Buckingham with 100 year plus lease were valued around £270,000. The average amount of ground rent was £55 collected every twelve months. The lease came to a finish on 25 January 2101. Considering the 75 years left we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Buckingham case:

Last month we were phoned by Mr and Mrs. D Davies , who bought a newly refurbished apartment in Buckingham in May 2000. The dilemma was if we could estimate the premium would likely be to extend the lease by 90 years. Comparable premises in Buckingham with a long lease were worth £168,800. The average ground rent payable was £60 collected every twelve months. The lease expired on 20 January 2081. Considering the 55 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including expenses.