Why you should start your Plaistow lease extension

Top reasons for lease extension now:

A Plaistow leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Plaistow you actually own a long leasehold interest over your property

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

Leasehold properties in Plaistow with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property with a short lease

Mortgage companies are really clamping down as regards to properties in Plaistow with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting the number of potential purchasers.

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

Lease extensions in Plaistow can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

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 a wealth of experience 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.

Plaistow Lease Extension Case Summaries:

Austin, Plaistow, London,

Austin owned a studio apartment in Plaistow on the market with a lease of a few days over sixty years unexpired. Austin informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Austin to exercise his statutory right. Austin obtained expert advice and secured an acceptable deal informally and readily saleable.

Plaistow case:

Last October we were approach by Mr and Mrs. S Nguyen , who owned a first floor apartment in Plaistow in September 2000. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative premises in Plaistow with a long lease were worth £255,000. The mid-range ground rent payable was £50 billed monthly. The lease terminated on 21 October 2097. Considering the 71 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.