Why you should commence your Gerrards Cross lease extension

Why you should commence your Gerrards Cross lease extension today:

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

When it comes to residential leasehold premises in Gerrards Cross, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are less than eighty years remaining. Anyone in Gerrards Cross with a lease approaching 81 years unexpired should seriously think of extending it sooner than later. Once the lease term has below eighty years remaining, under the relevant Act the freeholder is entitled to calculate and charge a greater premium, based on a technical calculation, known as “marriage value” which is due.

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

Leasehold premises in Gerrards Cross with more than 100 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to finance a property with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Gerrards Cross were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Gerrards Cross lease extensions?

Lease extensions in Gerrards Cross can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Gerrards Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gerrards Cross Lease Extension Case Summaries:

Samantha, Gerrards Cross, Buckinghamshire,

After lengthy discussions with the landlord of her leasehold flat in Gerrards Cross, Samantha commenced the lease extension process as the eighty year mark was quickly coming. The transaction was concluded in November 2012. The landlord’s fees were kept to an absolute minimum.

Gerrards Cross case:

In 2014 we were phoned by Mr Y Laurent who, having owned a purpose-built apartment in Gerrards Cross in September 1999. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparative flats in Gerrards Cross with a long lease were in the region of £290,000. The average amount of ground rent was £45 invoiced monthly. The lease lapsed on 7 January 2099. Taking into account 73 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.