Why you should commence your Gerrards Cross and Chalfont lease extension

Top reasons for lease extension now:

Increase your lease and increase your Gerrards Cross and Chalfont property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Gerrards Cross and Chalfont. Clearly, the period of lease left shortens over time. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Gerrards Cross and Chalfont have the legal entitlement to extend the lease for an additional 90 years under legislation. You should give due deliberation before delaying your Gerrards Cross and Chalfont lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term drops under a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Gerrards Cross and Chalfont home.

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

Lease extensions in Gerrards Cross and Chalfont can be a difficult process. We recommend you get professional help from a lawyer 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 and Chalfont 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 and Chalfont Lease Extension Case Studies:

Kelsey, Gerrards Cross and Chalfont, Buckinghamshire,

After lengthy correspondence with the freeholder of her garden apartment in Gerrards Cross and Chalfont, Kelsey started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension was concluded in March 2012. The freeholder’s costs were kept to an absolute minimum.

Gerrards Cross and Chalfont case:

In 2013 we were called by Mrs C Moore who, having bought a recently refurbished apartment in Gerrards Cross and Chalfont in June 2008. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable residencies in Gerrards Cross and Chalfont with a long lease were worth £208,200. The average ground rent payable was £65 invoiced per annum. The lease concluded on 13 September 2087. Considering the 61 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of fees.