Main reasons to commence your Buckley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckley property value

Buckley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Buckley residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Buckley you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

Leasehold properties in Buckley with over one hundred years remaining 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may not finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties where you need to sell your flat in Buckley if the unexpired lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in Buckley lease extensions?

Retaining our service gives you increased control over the value of your Buckley leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Buckley Lease Extension Example Cases:

Eleanor, Buckley, Flintshire,

Trailing unsuccessful negotiations with the freeholder of her basement apartment in Buckley, Eleanor initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The legal work was finalised in May 2013. The landlord’s costs were kept to an absolute minimum.

Buckley case:

Last May we were phoned by Mr and Mrs. W Hall , who moved into a garden apartment in Buckley in April 2010. We are asked if we could estimate the premium could be to extend the lease by 90 years. Identical flats in Buckley with an extended lease were worth £300,000. The average ground rent payable was £50 collected monthly. The lease ran out on 18 September 2102. Given that there were 76 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.

Buckley case:

Ms Rebecca Rodríguez acquired a purpose-built apartment in Buckley in June 2004. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Comparable homes in Buckley with 100 year plus lease were worth £257,800. The average ground rent payable was £65 collected yearly. The lease lapsed in 2091. Taking into account 65 years remaining we approximated the premium to the landlord to extend the lease to be within £17,100 and £19,800 not including fees.