Top reasons for Haggerston lease extension

Top reasons for lease extension now:

A Haggerston lease depreciates with the years remaining on the lease.

Haggerston residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Haggerston with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wishing to buy your property in the future might well do, so where they can't get a mortgage, then the value of the property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Haggerston lease extensions?

Lease extensions in Haggerston can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 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:

Erin, Haggerston, London,

After unsuccessful discussions with the freeholder of her two bedroom apartment in Haggerston, Erin started the lease extension process as the 80 year threshold was fast coming. The transaction was concluded in September 2006. The freeholder’s fees were restricted to a tad over 600 GBP.

Haggerston case:

Mr and Mrs. H Garcia acquired a garden flat in Haggerston in March 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Haggerston with 100 year plus lease were valued around £250,400. The average ground rent payable was £65 invoiced annually. The lease end date was in 2090. Taking into account 64 years as a residual term we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.