Buckley leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Buckley will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Buckley with over 100 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Regardless 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.
Last Autumn Daniel, started to get near to the eighty-year mark with the lease on his two bedroom flat in Buckley. In buying his property twenty years ago, the lease term was of no relevance. Luckily, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Daniel arranged for a lease extension just in the nick of time in July. Daniel and the freeholder via the managing agents subsequently settled on a premium of £5,000 . If the lease had gone to less than eighty years, the amount would have escalated by a minimum £1,050.
Last Winter we were approach by Mrs Louise Lefèvre , who acquired a first floor flat in Buckley in August 2011. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Similar residencies in Buckley with 100 year plus lease were in the region of £275,000. The average ground rent payable was £45 collected monthly. The lease expired on 2 March 2094. Having 69 years as a residual term we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.
Ms Phoebe Martinez moved into a one bedroom apartment in Buckley in September 1997. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable properties in Buckley with a long lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended on 20 April 2083. Given that there were 58 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including professional charges.