Main reasons to commence your Buckley lease extension

Why you should start your Buckley lease extension today:

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

The value of Buckley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Buckley with more than 100 years outstanding on the lease are often 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 upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Lenders are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Given that a number of 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.

Why use us for your lease extension in Buckley?

Regardless of whether you are a tenant or a landlord in Buckley,the lease extension experts 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.

Buckley Lease Extension Case Studies:

Riley, Buckley, Flintshire

During the course of the last few months Riley, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Buckley. In buying his home 18 years previously, the length of the lease was of minimal bearing. Fortunately, he noticed he would imminently be paying an inflated amount for Extending the lease. Riley arranged for a lease extension at the eleventh hour last June. Riley and the freeholder ultimately settled on the final figure of £5,000 . If he had missed the deadline, the premium would have become more exhorbitant by at least £1,075.

Buckley case:

Mr and Mrs. P Lambert was assigned a lease of a basement apartment in Buckley in February 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative flats in Buckley with a long lease were worth £210,000. The average amount of ground rent was £50 billed quarterly. The lease terminated on 17 May 2106. Given that there were 80 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Buckley case:

Last April we were e-mailed by Mrs D Davis , who moved into a studio flat in Buckley in September 2009. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Buckley with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 billed every twelve months. The lease terminated in 2095. Given that there were 69 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.