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Why you should commence your Haggerston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Haggerston property value

The value of Haggerston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is below than eighty years

Haggerston property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of the property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

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.
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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire 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.

What makes us experts in Haggerston lease extensions?

Retaining our service gives you increased control over the value of your Haggerston leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Haggerston Lease Extension Example Cases:

Benjamin, Haggerston, London

Two years ago Benjamin, started to get close to the 80-year mark with the lease on his leasehold flat in Haggerston. Having bought his home 18 years ago, the lease term was of no relevance. Luckily, he noticed he needed to take action soon on a lease extension. Benjamin arranged for a lease extension at the eleventh hour last April. Benjamin and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If the lease had slipped to less than 80 years, the premium would have escalated by at least £1,075.

Haggerston case:

In 2013 we were e-mailed by Ms Lydia Mercier who, having purchased a garden apartment in Haggerston in November 1999. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Similar homes in Haggerston with a long lease were worth £208,600. The mid-range ground rent payable was £60 invoiced monthly. The lease came to a finish on 25 August 2082. Considering the 57 years remaining we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.

Decision in Hackney

An example of a Lease Extension matter before the tribunal 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 affected 2 flats. The remaining number of years on the lease was 72.39 years.