Main reasons to start your Plumstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Plumstead property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Plumstead may extend the lease for an additional ninety years in accordance with statute. Please think carefully before delaying your Plumstead lease extension. Putting off that expense now simply increases the premium you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

Banks and building societies vary in their lending requirements. Some set the bar at seventy five years remaining on the lease; others may be willing to lend with anything over 70 years. With less than 60 years, it may be impossible to obtain a mortgage in the first place.

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

Engaging our service gives you increased control over the value of your Plumstead leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Plumstead Lease Extension Example Cases:

Noah, Plumstead, South East London,

Noah was the the leasehold proprietor of a high value flat in Plumstead on the market with a lease of just over 61 years unexpired. Noah on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Noah to invoke his statutory right. Noah procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Plumstead case:

Last Autumn we were approach by Ms S James , who moved into a basement apartment in Plumstead in January 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Plumstead with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed yearly. The lease finished on 8 April 2092. Given that there were 66 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.