Why you should commence your Plaistow lease extension

Main reasons to commence your Plaistow lease extension today:

Increase your lease and increase your Plaistow property value

It’s an underpublicised certainty that a Plaistow residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Plaistow property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be due. The majority of flat owners in Plaistow will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Plaistow property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Plaistow?

Engaging our service gives you increased control over the value of your Plaistow leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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:

Hannah, Plaistow, London,

Following protracted discussions with the landlord of her ground floor flat in Plaistow, Hannah started the lease extension process as the 80 year deadline was swiftly approaching. The lease extension completed in August 2005. The freeholder’s charges were restricted to approximately 500 pounds.

Plaistow case:

Last Christmas we were contacted by Mr and Mrs. Y Scott , who owned a first floor flat in Plaistow in April 1997. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Comparable premises in Plaistow with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 billed yearly. The lease came to a finish on 7 May 2105. Considering the 79 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of expenses.