Why you should start your Plaistow lease extension

Why you should start your Plaistow lease extension today:

Increase your lease and increase your Plaistow 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 normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Plaistow. Inevitably, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Plaistow have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before putting off your Plaistow lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

Plaistow property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems where you need to sell your flat in Plaistow if the remaining lease term is under the criteria set by most lenders. Different lenders have different requirements but on the whole theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Plaistow lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your Plaistow leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Plaistow Lease Extension Example Cases:

Ben, Plaistow, London,

Ben was the the leasehold proprietor of a 2 bedroom flat in Plaistow being marketed with a lease of a few days over sixty years unexpired. Ben informally contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ben to exercise his statutory right. Ben obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Plaistow case:

In 2010 we were called by Dr Erin Díaz who, having purchased a purpose-built flat in Plaistow in November 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar flats in Plaistow with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated on 18 January 2101. Given that there were 75 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.