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Why you should start your Haggerston lease extension

Main reasons to commence your Haggerston lease extension today:

Increase your lease and increase your Haggerston property value

Chances are that where you own a flat in Haggerston you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Haggerston with in excess of one hundred years remaining on the lease are sometimes 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 upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not finance a property on a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold property. Some will simply refuse lend at all once the remaining lease term goes lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Haggerston home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Haggerston?

The conveyancers that we work with undertake Haggerston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Haggerston Lease Extension Example Cases:

Emily, Haggerston, London,

Subsequent to unsuccessful discussions with the freeholder of her first floor flat in Haggerston, Emily initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The lease extension was finalised in October 2012. The freeholder’s costs were restricted to slightly above 600 GBP.

Haggerston case:

Mr F Patel acquired a ground floor flat in Haggerston in October 2002. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Comparative properties in Haggerston with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed in 2102. Taking into account 77 years left we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.

Decision in Hackney

An example of a Lease Extension decision 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 affected 2 flats. The unexpired term as at the valuation date was 72.39 years.