Stop! Your Lease Extension in Gerrards Cross Could Be FREE

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Many leaseholders in Gerrards Cross are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Gerrards Cross has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Gerrards Cross lease extension

Main reasons to start your Gerrards Cross lease extension today:

Increase your lease and increase your Gerrards Cross property value

The value of Gerrards Cross leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

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

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Gerrards Cross?

Lease extensions in Gerrards Cross can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

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 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 Lease Extension Example Cases:

Samantha, Gerrards Cross, Buckinghamshire,

Subsequent to unsuccessful negotiations with the landlord of her garden flat in Gerrards Cross, Samantha initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The legal work completed in September 2005. The freeholder’s fees were restricted to under 600 pounds.

Gerrards Cross case:

Dr Chelsea Campbell was assigned a lease of a basement apartment in Gerrards Cross in May 1999. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Gerrards Cross with an extended lease were in the region of £206,200. The mid-range ground rent payable was £55 invoiced monthly. The lease finished in 2082. Considering the 56 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including legals.

Decision in Hillingdon

An example of a Lease Extension case for a Gerrards Cross property 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 related to 3 flats. The unexpired residue of the current lease was 71 years.