Main reasons to commence your Plumstead lease extension

Main reasons to commence your Plumstead lease extension today:

Increase your lease and increase your Plumstead property value

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Plumstead have the legal entitlement to extend the lease for an additional ninety years under legislation. Please give careful consideration before delaying your Plumstead lease extension. Shelving the costs today simply increases the price you will ultimately have 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 100 years remaining is worth approximately the equivalent 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 finance a property with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Plumstead were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Plumstead lease extensions?

The conveyancing solicitors 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 lawyer we work with provide it.

Plumstead Lease Extension Example Cases:

Hunter, Plumstead, South East London

In 2014 Hunter, started to get close to the eighty-year mark with the lease on his garden flat in Plumstead. In buying his property 18 years previously, the length of the lease was of little concern. Thankfully, he became aware that he needed to take steps soon on a lease extension. Hunter arranged for a lease extension just under the wire in January. Hunter and the freeholder via the management company eventually settled on an amount of £6,000 . If the lease had gone lower than eighty years, the sum would have become more costly by at least £1,100.

Plumstead case:

Dr B Vincent took over the lease of a purpose-built apartment in Plumstead in August 1998. The question was if we could estimate the price could be for a 90 year extension to my lease. Similar properties in Plumstead with 100 year plus lease were valued around £290,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed on 24 September 2105. Having 80 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.