Top reasons for Gerrards Cross lease extension

Top reasons for lease extension now:

A Gerrards Cross leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Gerrards Cross residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Gerrards Cross property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Most flat owners in Gerrards Cross will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not loan monies with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Gerrards Cross property being difficult to sell or to obtain finance on.

What makes us experts in Gerrards Cross lease extensions?

Retaining our service gives you enhanced control over the value of your Gerrards Cross leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Gerrards Cross Lease Extension Case Summaries:

Adam, Gerrards Cross, Buckinghamshire

Two years ago Adam, came critically near to the eighty-year mark with the lease on his one bedroom apartment in Gerrards Cross. Having purchased his home 18 years ago, the lease term was of little significance. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. Adam arranged for a lease extension just under the wire in August. Adam and the freeholder in the end agreed on the final figure of £5,500 . If he had missed the deadline, the figure would have gone up by a minimum £1,025.

Gerrards Cross case:

In 2012 we were called by Mr and Mrs. C Gunderson who, having moved into a purpose-built apartment in Gerrards Cross in July 1996. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical residencies in Gerrards Cross with a long lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease finished on 20 July 2103. Having 77 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.