Top reasons for Plumstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Plumstead property value

For anyone whose Plumstead flat is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Plumstead with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to finance a property on a short lease

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

Regardless of whether you are a tenant or a landlord in Plumstead,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Plumstead valuers.

Plumstead Lease Extension Example Cases:

Oliver, Plumstead, South East London,

Oliver owned a studio flat in Plumstead on the market with a lease of fraction over sixty years outstanding. Oliver on an informal basis approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Oliver to exercise his statutory right. Oliver procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Plumstead case:

Last Christmas we were phoned by Dr A Moore , who took over the lease of a ground floor apartment in Plumstead in August 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Identical residencies in Plumstead with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 billed per annum. The lease expired in 2104. Having 78 years remaining we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of costs.