Why you should commence your Gerrards Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gerrards Cross property value

As the length of the unexpired term of a Gerrards Cross residential lease diminished so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner rather than later. Many flat owners in Gerrards Cross will qualify for this right; that being said a conveyancer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Gerrards Cross property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable for lending purposes.

What makes us experts in Gerrards Cross lease extensions?

Lease extensions in Gerrards Cross can be a difficult process. We recommend you procure guidance from a lawyer 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 Example Cases:

Jack, Gerrards Cross, Buckinghamshire

Half a year ago Jack, came perilously close to the eighty-year mark with the lease on his one bedroom flat in Gerrards Cross. Having bought his property two decades ago, the length of the lease was of no importance. by good luck, he recognised he would imminently be paying way over the odds for a lease extension. Jack was able to extend his lease at the eleventh hour last August. Jack and the landlord who owned the flat above subsequently agreed on sum of £5,500 . If he not met the deadline, the premium would have become more exhorbitant by a minimum £1,050.

Gerrards Cross case:

In 2009 we were approached by Dr Ben Carter who, having owned a garden flat in Gerrards Cross in May 2005. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Similar residencies in Gerrards Cross with 100 year plus lease were in the region of £275,000. The average ground rent payable was £45 invoiced per annum. The lease ended on 26 February 2095. Having 69 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.