Haggerston leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Haggerston will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s best to be guided by a lawyer during the process.
Leasehold residencies in Haggerston with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Skipton Building Society | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a freeholder 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 experience and the close ties they enjoy with Haggerston valuers.
Half a year ago Benjamin, came very close to the 80-year threshold with the lease on his leasehold apartment in Haggerston. In buying his home 19 years ago, the lease term was of minimal interest. Thankfully, he became aware that he needed to take action soon on Extending the lease. Benjamin was able to extend his lease just ahead of time last January. Benjamin and the landlord subsequently agreed on an amount of £6,000 . If the lease had gone below eighty years, the amount would have escalated by a minimum £1,050.
Last year we were phoned by Ms Rosie Simon , who acquired a purpose-built flat in Haggerston in August 2001. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative premises in Haggerston with an extended lease were worth £206,200. The average amount of ground rent was £60 collected annually. The lease elapsed in 2082. Given that there were 56 years left we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including costs.
An example of a Lease Extension decision for a Haggerston premises 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 residue of the current lease was 72.39 years.