Why you should commence your Bucknall lease extension

Why you should commence your Bucknall lease extension today:

Increase your lease and increase your Bucknall property value

The market value of a leasehold property in Bucknall is impacted by how many years the lease has left to run. If it is close to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. It is ideal to start the lease extension process when the lease still has 82 years remaining so that formalities can be addressed ahead of the 80 year threshold. Statute enables Bucknall qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Bucknall property being difficult to sell or refinance.

What makes us experts in Bucknall lease extensions?

The lawyers that we work with undertake Bucknall 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.

Bucknall Lease Extension Example Cases:

Jack, Bucknall, Staffordshire

14 months ago Jack, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Bucknall. Having bought his flat 19 years ago, the unexpired term was of minimal interest. by good luck, he realised he needed to take steps soon on a lease extension. Jack arranged for a lease extension at the eleventh hour last July. Jack and the landlord who owned the flat above in the end agreed on sum of £6,000 . If the lease had descended to less than eighty years, the figure would have become more exhorbitant by a minimum £950.

Bucknall case:

Dr Oscar Edwards moved into a one bedroom apartment in Bucknall in May 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Bucknall with a long lease were in the region of £200,000. The average ground rent payable was £50 invoiced every twelve months. The lease concluded on 9 April 2103. Taking into account 77 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.

Bucknall case:

Dr Finn Pérez took over the lease of a one bedroom apartment in Bucknall in January 2007. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparable properties in Bucknall with a long lease were valued around £260,200. The mid-range ground rent payable was £65 invoiced annually. The lease ran out on 1 June 2092. Taking into account 66 years unexpired we estimated the premium to the freeholder for the lease extension to be within £16,200 and £18,600 exclusive of expenses.