Main reasons to start your Plumstead lease extension

Top reasons for lease extension now:

A Plumstead lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Plumstead you actually own a long leasehold interest over your property

Plumstead property with a lease extension is almost the same value as a freehold

Leasehold premises in Plumstead with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage on a short lease

What makes us experts in Plumstead lease extensions?

Lease extensions in Plumstead can be a difficult process. We recommend you secure professional help from a conveyancer 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 in-depth market knowledge procuring Plumstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Plumstead Lease Extension Example Cases:

Hugo, Plumstead, South East London

In 2014 Hugo, started to get near to the eighty-year mark with the lease on his garden flat in Plumstead. Having bought his home two decades ago, the lease term was of no interest. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Hugo was able to extend his lease just under the wire last April. Hugo and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £925.

Plumstead case:

Ms W Hernández owned a one bedroom flat in Plumstead in January 2003. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative properties in Plumstead with a long lease were worth £255,000. The average amount of ground rent was £50 invoiced per annum. The lease end date was on 19 January 2096. Given that there were 70 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.