Top reasons for Buckley lease extension

Main reasons to start your Buckley lease extension today:

Increase your lease and increase your Buckley property value

The market value of Buckley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Mortgage companies are really clamping down as regards to properties in Buckley with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

Get in touch with one of our Buckley lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake 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 conveyancer we work with provide it.

Buckley Lease Extension Case Studies:

Caleb, Buckley, Flintshire

14 months ago Caleb, came perilously near to the 80-year threshold with the lease on his basement apartment in Buckley. In buying his property two decades ago, the length of the lease was of little bearing. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Caleb extended the lease just under the wire last August. Caleb and the landlord subsequently agreed on the final figure of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by at least £975.

Buckley case:

In 2014 we were e-mailed by Ms Jodie Roux who, having owned a studio flat in Buckley in October 2007. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Comparative properties in Buckley with a long lease were in the region of £275,000. The average amount of ground rent was £65 billed every twelve months. The lease terminated on 11 May 2094. Considering the 68 years remaining we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.

Buckley case:

In 2013 we were contacted by Ms Sian Moreau who, having owned a garden apartment in Buckley in April 2011. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparable properties in Buckley with 100 year plus lease were worth £208,600. The average ground rent payable was £60 billed quarterly. The lease ran out on 3 October 2083. Given that there were 57 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 plus legals.