Top reasons for Gants Hill lease extension

Why you should start your Gants Hill lease extension today:

A Gants Hill lease depreciates with the years remaining on the lease.

Gants Hill leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease dips lower than 80 years - otherwise a higher premium will be due. Leasehold owners in Gants Hill will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some cases you may not be entitled. There are prescribed timetables and procedures to follow once the process is initiated so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

Many mortgage lenders require a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they can't get a mortgage, then the value of your property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Gants Hill lease extension solicitors or enfranchisement solicitors

Lease extensions in Gants Hill 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 Gants Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gants Hill Lease Extension Example Cases:

Alfie, Gants Hill, Essex,

Alfie was the the leasehold proprietor of a studio flat in Gants Hill on the market with a lease of a few days over 59 years left. Alfie informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.

Gants Hill case:

Mr E Lefebvre completed a one bedroom apartment in Gants Hill in January 1997. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar premises in Gants Hill with a long lease were in the region of £205,000. The average ground rent payable was £50 billed annually. The lease came to a finish in 2104. Considering the 78 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.