Plasmarl leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Plasmarl tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Plasmarl you would be well advised to see if your lease has between 70 and ninety years left. There are compelling reasons why a Plasmarl flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Plasmarl can be a difficult process. We recommend you secure guidance from a lawyer 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 dealing with Plasmarl lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the landlord of her first floor flat in Plasmarl, Caitlin commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The legal work completed in September 2015. The freeholder’s costs were kept to an absolute minimum.
Last Christmas we were e-mailed by Mr Sebastian Evans , who bought a first floor flat in Plasmarl in July 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Plasmarl with 100 year plus lease were worth £205,000. The average ground rent payable was £50 collected per annum. The lease expired in 2105. Taking into account 79 years remaining we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.
Last Autumn we were approach by Mr and Mrs. N Williams , who acquired a basement flat in Plasmarl in May 2005. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparative residencies in Plasmarl with a long lease were valued about £275,000. The average amount of ground rent was £65 collected yearly. The lease elapsed on 1 November 2094. Given that there were 68 years remaining we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.