The only way is down when it comes to Haggerston lease terms. Haggerston leaseholds that have a lease term shorter than eighty years will drop in value even faster, and the cost to extend your lease will rise.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Irrespective of whether you are a tenant or a landlord in Haggerston,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Haggerston valuers.
Last year Stanley, started to get near to the eighty-year mark with the lease on his leasehold flat in Haggerston. In buying his flat 19 years previously, the unexpired term was of little significance. As luck would have it, he became aware that he would imminently be paying an escalated premium for Extending the lease. Stanley arranged for a lease extension just under the wire in March. Stanley and the landlord who owned the flat above in the end settled on an amount of £5,000 . If the lease had dropped to less than eighty years, the premium would have become more exhorbitant by a minimum £875.
Mr Y Rodríguez owned a purpose-built flat in Haggerston in August 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparative homes in Haggerston with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 collected yearly. The lease came to a finish on 8 March 2075. Having 50 years left we estimated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus expenses.
An example of a Lease Extension matter before the tribunal 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 related to 2 flats. The remaining number of years on the lease was 72.39 years.