The only way is down when it comes to Buckley lease terms. Buckley leaseholds that have a remaining term lower than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold residencies in Buckley with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower. |
| Royal Bank of Scotland | Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower. |
Regardless of whether you are a tenant or a freeholder in Buckley,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Buckley valuers.
Two years ago George, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Buckley. In buying his home two decades ago, the lease term was of no interest. As luck would have it, he became aware that he needed to take steps soon on a lease extension. George extended the lease at the eleventh hour last May. George and the landlord subsequently agreed on the final figure of £5,000 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £1,025.
Mr and Mrs. V Martinez owned a basement apartment in Buckley in October 2001. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative premises in Buckley with an extended lease were valued around £267,600. The mid-range amount of ground rent was £65 collected annually. The lease finished in 2089. Given that there were 67 years left we approximated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 plus expenses.
Last Autumn we were phoned by Dr A Alexander , who acquired a studio flat in Buckley in January 1996. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical flats in Buckley with a long lease were worth £201,200. The mid-range ground rent payable was £55 billed yearly. The lease lapsed on 22 October 2078. Having 56 years remaining we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.