When it comes to long leasehold property in Gerrards Cross, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years remaining. Anyone in Gerrards Cross with a lease nearing 81 years unexpired should seriously think of extending it without delay. When the lease term has under 80 years remaining, under the current statute the freeholder is entitled to calculate and demand a greater amount, assessed on a technical multiplication, known as “marriage value” which is payable.
Leasehold residencies in Gerrards Cross with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Using our service gives you enhanced control over the value of your Gerrards Cross leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Liam, came perilously near to the eighty-year threshold with the lease on his leasehold flat in Gerrards Cross. In buying his home 18 years ago, the unexpired term was of minimal importance. Thankfully, he realised he needed to take steps soon on a lease extension. Liam arranged for a lease extension just under the wire in March. Liam and the landlord who owned the flat above in the end agreed on a premium of £6,000 . If the lease had gone to less than eighty years, the figure would have increased by a minimum £875.
Mr and Mrs. T Dupont took over the lease of a one bedroom apartment in Gerrards Cross in May 2010. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable premises in Gerrards Cross with an extended lease were worth £257,800. The average ground rent payable was £65 invoiced per annum. The lease ended in 2091. Given that there were 65 years outstanding we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Gerrards Cross premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired term was 71 years.