Stop! Your Lease Extension in Plasmarl Could Be FREE

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Many leaseholders in Plasmarl are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Plasmarl has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Plasmarl lease extension

Why you should commence your Plasmarl lease extension today:

Increase your lease and increase your Plasmarl property value

Plasmarl leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Plasmarl tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Plasmarl you should investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Plasmarl flat owner with a lease having around 80 years left should take action to ensure that a lease extension is put in place without delay

An extended lease is almost 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 further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders will not finance a property with a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Plasmarl?

Irrespective of whether you are a tenant or a landlord in Plasmarl,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Plasmarl valuers.

Plasmarl Lease Extension Example Cases:

Chloe, Plasmarl, Swansea,

Following lengthy negotiations with the freeholder of her ground floor flat in Plasmarl, Chloe initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The lease extension was finalised in August 2008. The freeholder’s charges were kept to an absolute minimum.

Plasmarl case:

Last Winter we were phoned by Mr and Mrs. W Norbert , who was assigned a lease of a studio flat in Plasmarl in January 2012. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative properties in Plasmarl with 100 year plus lease were worth £189,000. The average ground rent payable was £55 billed monthly. The lease concluded on 8 August 2079. Given that there were 53 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.

Plasmarl case:

Mr and Mrs. R Khan purchased a newly refurbished flat in Plasmarl in January 1999. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative properties in Plasmarl with a long lease were worth £290,000. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 18 June 2099. Considering the 73 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.