Plaistow leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start thinking about 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 drops under eighty years - otherwise a higher premium will be due. Leasehold owners in Plaistow will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Plaistow can be a difficult process. We recommend you secure professional help from a conveyancer 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 dealing with Plaistow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Dylan, came dangerously near to the eighty-year mark with the lease on his leasehold apartment in Plaistow. In buying his flat two decades ago, the length of the lease was of minimal relevance. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Dylan arranged for a lease extension just under the wire last May. Dylan and the freeholder eventually agreed on an amount of £5,000 . If he not met the deadline, the price would have gone up by at least £1,025.
Last month we were called by Mr and Mrs. T Williams , who completed a garden apartment in Plaistow in July 2004. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Similar residencies in Plaistow with a long lease were worth £242,600. The average ground rent payable was £45 billed quarterly. The lease ended in 2093. Given that there were 67 years remaining we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including legals.
An example of a Lease Extension decision for a Plaistow property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired term was 69.77 years.