Top reasons for Gants Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gants Hill property value

It’s an underpublicised certainty that a Gants Hill residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Gants Hill property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be payable. Most flat owners in Gants Hill will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

Gants Hill property with a lease extension is almost the same value as a freehold

Leasehold properties in Gants Hill with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Why use us for your lease extension in Gants Hill?

Retaining our service gives you increased control over the value of your Gants Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Gants Hill Lease Extension Example Cases:

Joseph, Gants Hill, Essex

Last year Joseph, came dangerously close to the eighty-year mark with the lease on his studio apartment in Gants Hill. Having bought his home twenty years ago, the lease term was of no interest. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Joseph arranged for a lease extension at the eleventh hour in May. Joseph and the freeholder via the managing agents subsequently settled on an amount of £5,500 . If the lease had fallen lower than 80 years, the premium would have gone up by at least £850.

Gants Hill case:

In 2009 we were contacted by Dr R Mercier who, having acquired a recently refurbished flat in Gants Hill in June 2009. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Similar homes in Gants Hill with 100 year plus lease were valued about £260,200. The mid-range ground rent payable was £65 billed every twelve months. The lease ended in 2092. Considering the 66 years left we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus costs.