Haggerston leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Haggerston will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some situations you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Haggerston with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Haggerston can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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.
Off the back of protracted discussions with the landlord of her one bedroom flat in Haggerston, Amy commenced the lease extension process as the eighty year threshold was swiftly coming. The transaction was concluded in June 2007. The landlord’s charges were negotiated to a tad over 550 pounds.
Mr A Bonnet moved into a first floor apartment in Haggerston in October 2012. We are asked if we could approximate the price would be for a ninety year lease extension. Identical premises in Haggerston with 100 year plus lease were in the region of £257,800. The mid-range amount of ground rent was £65 billed per annum. The lease came to a finish on 2 April 2090. Taking into account 65 years remaining we calculated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus legals.
An example of a Lease Extension decision for a Haggerston residence 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 was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.