The only way is down when it comes to Plaistow lease terms. Plaistow leaseholds that have a remaining term shorter than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.
Leasehold residencies in Plaistow with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| 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. |
| Bank of 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 also be not less than 75 years 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Plaistow can be a difficult process. We recommend you secure guidance 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 procuring Plaistow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of protracted negotiations with the landlord of her garden flat in Plaistow, Amber initiated the lease extension process as the eighty year deadline was fast approaching. The transaction was concluded in February 2014. The freeholder’s fees were restricted to about 500 pounds.
Dr Daniel Lambert owned a newly refurbished apartment in Plaistow in November 2003. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative homes in Plaistow with 100 year plus lease were valued about £227,800. The average ground rent payable was £45 billed yearly. The lease finished in 2091. Considering the 65 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a Plaistow premises 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 as at the valuation date was 69.77 years.