Stop! Your Lease Extension in Plumstead Could Be FREE

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Many leaseholders in Plumstead are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Plumstead has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

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

On the balance of probabilities if you own a flat in Plumstead you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the value of the property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.

What makes us experts in Plumstead lease extensions?

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

Plumstead Lease Extension Case Studies:

Teddy, Plumstead, South East London

Half a year ago Teddy, came precariously near to the eighty-year mark with the lease on his one bedroom flat in Plumstead. In buying his home 18 years previously, the length of the lease was of no bearing. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Teddy extended the lease at the eleventh hour in April. Teddy and the freeholder via the managing agents in the end agreed on a premium of £5,500 . If the lease had gone lower than 80 years, the price would have increased by a minimum £950.

Plumstead case:

In 2012 we were phoned by Dr B García who, having moved into a purpose-built flat in Plumstead in March 2003. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparative flats in Plumstead with a long lease were valued about £166,400. The average ground rent payable was £60 collected yearly. The lease finished on 22 June 2080. Having 54 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 not including professional charges.

Decision in Greenwich

An example of a Lease Extension matter before the tribunal for a Plumstead property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.