Why you should start 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

Gerrards Cross and Chalfont leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Gerrards Cross and Chalfont enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Gerrards Cross and Chalfont you should investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Gerrards Cross and Chalfont leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is effected without delay

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

Leasehold residencies in Gerrards Cross and Chalfont with more than one hundred years left on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to grant a mortgage with a short lease

Why use us for your lease extension in Gerrards Cross and Chalfont?

The conveyancing solicitors that we work with handle Gerrards Cross and Chalfont 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 conveyancer we work with provide it.

Gerrards Cross and Chalfont Lease Extension Case Summaries:

Jacob, Gerrards Cross and Chalfont, Buckinghamshire,

Jacob was the the leasehold owner of a high value flat in Gerrards Cross and Chalfont being marketed with a lease of a little over 59 years left. Jacob on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Jacob to exercise his statutory right. Jacob obtained expert advice and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Gerrards Cross and Chalfont case:

Last Christmas we were contacted by Mr and Mrs. B Edwards , who moved into a garden flat in Gerrards Cross and Chalfont in November 2000. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar homes in Gerrards Cross and Chalfont with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 billed quarterly. The lease ran out in 2106. Considering the 80 years left we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.