There is no doubt about it a leasehold flat or house in Haggerston is a wasting asset as a result of the shortening lease. If the residual term has, beyond one hundred 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 eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Haggerston will qualify for this right; that being said a conveyancing solicitor will be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Haggerston can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience procuring Haggerston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of unsuccessful discussions with the landlord of her garden apartment in Haggerston, Laura started the lease extension process just as her lease was coming close to the crucial 80-year deadline. The lease extension was finalised in October 2009. The freeholder’s charges were kept to an absolute minimum.
Mr Jack Wilson moved into a one bedroom flat in Haggerston in October 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative homes in Haggerston with 100 year plus lease were valued about £300,000. The mid-range amount of ground rent was £50 billed per annum. The lease elapsed in 2100. Given that there were 76 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.
An example of a Lease Extension decision for a Haggerston property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.