Why you should commence your Gerrards Cross lease extension

Main reasons to start your Gerrards Cross lease extension today:

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

The market value of a leasehold property in Gerrards Cross is impacted by how long the lease has left to run. If it is near to or less than eighty years you should expect problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that formalities can be addressed in advance of the 80 year threshold. Leasehold Reform legislation enables Gerrards Cross qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to finance a property with a short lease

Mortgage lenders have set criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once the remaining lease term falls under a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Gerrards Cross property.

Get in touch with one of our Gerrards Cross lease extension solicitors or enfranchisement solicitors

Lease extensions in Gerrards Cross can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Studies:

Evan, Gerrards Cross, Buckinghamshire

Last Summer Evan, started to get close to the eighty-year mark with the lease on his first floor flat in Gerrards Cross. Having purchased his home two decades ago, the lease term was of little interest. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Evan was able to extend his lease at the eleventh hour in September. Evan and the freeholder via the managing agents subsequently agreed on the final figure of £6,000 . If he had missed the deadline, the sum would have increased by at least £925.

Gerrards Cross case:

Last Christmas we were approach by Mr and Mrs. A Bennett , who purchased a garden flat in Gerrards Cross in April 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Similar properties in Gerrards Cross with a long lease were in the region of £191,400. The mid-range amount of ground rent was £55 invoiced monthly. The lease came to a finish on 27 July 2080. Given that there were 54 years remaining we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of legals.