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.

Main reasons to commence your Buckley lease extension

Main reasons to commence your Buckley lease extension today:

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

Chances are that where you own a flat in Buckley you actually own a long leasehold interest over your property

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

Leasehold properties in Buckley with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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.

Lending institutions may not grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. As many flats in Buckley were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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.
Chelsea 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.
Coventry Building Society 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.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Engaging our service gives you increased control over the value of your Buckley leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Buckley Lease Extension Example Cases:

Benjamin, Buckley, Flintshire

16 months ago Benjamin, started to get close to the eighty-year mark with the lease on his basement flat in Buckley. In buying his home two decades ago, the lease term was of no relevance. Luckily, he noticed he needed to take action soon on a lease extension. Benjamin was able to extend his lease just under the wire in September. Benjamin and the freeholder eventually settled on an amount of £5,000 . If he had missed the deadline, the sum would have escalated by at least £850.

Buckley case:

Last Summer we were phoned by Mrs M González , who completed a garden apartment in Buckley in November 1995. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Identical residencies in Buckley with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £45 invoiced annually. The lease came to a finish in 2095. Taking into account 69 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.

Buckley case:

Last January we were e-mailed by Mr L Peterson , who purchased a newly refurbished apartment in Buckley in June 2000. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable premises in Buckley with a long lease were in the region of £216,000. The average ground rent payable was £60 collected quarterly. The lease concluded on 24 July 2084. Having 58 years left we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus legals.