When it comes to residential leasehold premises in Buckley, you are actually buying a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years left. Leasehold owners in Buckley with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has fewer than 80 years outstanding, under the current legislation the landlord is entitled to calculate and charge a greater amount, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Buckley with in excess of one hundred years unexpired 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 freehold unless savings on ground rent and estate charges merit 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire 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. |
Lease extensions in Buckley can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Buckley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Owen was the the leasehold proprietor of a conversion apartment in Buckley on the market with a lease of fraction over fifty eight years outstanding. Owen informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Owen to invoke his statutory right. Owen obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Mrs Mia Smith bought a newly refurbished flat in Buckley in July 2001. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Similar properties in Buckley with an extended lease were in the region of £295,000. The mid-range ground rent payable was £50 collected yearly. The lease ended on 10 January 2099. Considering the 75 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.
In 2012 we were called by Mr and Mrs. D Petit who, having owned a purpose-built flat in Buckley in June 2012. The question was if we could approximate the premium would be to extend the lease by ninety years. Comparative homes in Buckley with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 collected annually. The lease ended on 27 January 2088. Taking into account 64 years left we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including costs.