Top reasons for Haggerston lease extension

Why you should commence your Haggerston lease extension today:

Increase your lease and increase your Haggerston property value

Haggerston leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Haggerston will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

Haggerston property with a lease extension has roughly the same value as a freehold

Leasehold properties in Haggerston with more than one hundred years outstanding 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not finance a property on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should be mindful that it is likely that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

Lease extensions in Haggerston can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 a wealth of experience dealing with Haggerston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Haggerston Lease Extension Example Cases:

Thomas, Haggerston, London

Last Christmas Thomas, started to get near to the 80-year threshold with the lease on his garden apartment in Haggerston. In buying his home 19 years ago, the lease term was of little concern. As luck would have it, he noticed he would soon be paying an inflated amount for Extending the lease. Thomas was able to extend his lease just under the wire last August. Thomas and the landlord eventually settled on sum of £5,500 . If the lease had fallen lower than 80 years, the price would have gone up by at least £1,150.

Haggerston case:

In 2011 we were e-mailed by Mrs Chloe Mason who, having took over the lease of a newly refurbished flat in Haggerston in September 2005. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Similar premises in Haggerston with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease ended on 28 January 2097. Given that there were 71 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.