Top reasons for Gerrards Cross lease extension

Main reasons to start your Gerrards Cross lease extension today:

Increase your lease and increase your Gerrards Cross property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Gerrards Cross. Clearly, the length of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in Gerrards Cross have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Please give due deliberation before delaying your Gerrards Cross lease extension. Holding off the cost now only increases the price you will ultimately incur for a lease extension

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

Leasehold properties in Gerrards Cross with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

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

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that many flats in Gerrards Cross were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

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

The conveyancing solicitors that we work with handle Gerrards Cross lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Gerrards Cross Lease Extension Case Summaries:

Nathaniel, Gerrards Cross, Buckinghamshire

In recent months Nathaniel, came perilously close to the eighty-year threshold with the lease on his two bedroom flat in Gerrards Cross. In buying his home two decades ago, the length of the lease was of little relevance. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Nathaniel arranged for a lease extension at the eleventh hour last January. Nathaniel and the freeholder via the management company in the end settled on sum of £6,000 . If the lease had slipped to less than 80 years, the amount would have escalated by at least £850.

Gerrards Cross case:

Last Summer we were phoned by Mr Nathan Bernard , who completed a first floor flat in Gerrards Cross in May 1996. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Gerrards Cross with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 billed annually. The lease concluded in 2102. Taking into account 77 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.