Main reasons to commence your Plumstead lease extension

Main reasons to start your Plumstead lease extension today:

Increase your lease and increase your Plumstead property value

There is no doubt about it a leasehold flat or house in Plumstead is a wasting asset as a result of the shortening lease. Where the lease has, beyond 125 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner rather than later. Most flat owners in Plumstead will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies will not issue a mortgage with a short lease

Most banks and building societies will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Plumstead property being difficult to sell or refinance.

Why use us for your lease extension in Plumstead?

The lawyers that we work with procure Plumstead lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Plumstead Lease Extension Case Summaries:

Georgia, Plumstead, South East London,

Trailing lengthy negotiations with the landlord of her one bedroom apartment in Plumstead, Georgia started the lease extension process as the eighty year threshold was fast advancing. The transaction completed in November 2015. The freeholder’s charges were kept to an absolute minimum.

Plumstead case:

Last Summer we were contacted by Mrs S Lee , who acquired a studio apartment in Plumstead in August 2006. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Plumstead with a long lease were in the region of £250,000. The average amount of ground rent was £50 collected every twelve months. The lease finished on 26 March 2094. Having 68 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.