Top reasons for Gerrards Cross lease extension

Main reasons to commence your Gerrards Cross lease extension today:

Increase your lease and increase your Gerrards Cross property value

Gerrards Cross leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Gerrards Cross residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Gerrards Cross you must check if your lease has between 70 and ninety years left. There are good reasons why a Gerrards Cross flat owner with a lease having around eighty years unexpired should take steps to make sure that a lease extension is actioned without delay

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

Leasehold residencies in Gerrards Cross with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to loan monies with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be unacceptable for lending purposes.

Why use us for your lease extension in Gerrards Cross?

Regardless of whether you are a tenant or a freeholder in Gerrards Cross,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Gerrards Cross valuers.

Gerrards Cross Lease Extension Case Summaries:

Sophie, Gerrards Cross, Buckinghamshire,

After unsuccessful discussions with the freeholder of her ground floor apartment in Gerrards Cross, Sophie commenced the lease extension process as the eighty year deadline was fast advancing. The lease extension completed in August 2006. The freeholder’s fees were kept to an absolute minimum.

Gerrards Cross case:

Mr and Mrs. M Clark owned a studio flat in Gerrards Cross in March 2006. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative flats in Gerrards Cross with 100 year plus lease were worth £267,600. The average ground rent payable was £65 billed monthly. The lease lapsed on 24 August 2092. Considering the 67 years remaining we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of legals.