Stop! Your Lease Extension in Haggerston Could Be FREE

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Many leaseholders in Haggerston are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Haggerston has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Haggerston lease extension

Why you should commence your Haggerston lease extension today:

Increase your lease and increase your Haggerston property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Haggerston. Inevitably, the length of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Haggerston have the right to extend the lease for an additional 90 years under statute. Please give careful attention before delaying your Haggerston lease extension. Holding off the cost now only increases the price you will ultimately incur to extend your lease

Haggerston property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not lend on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the value of your property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
Leeds Building Society 85 years remaining from the start 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

What makes us experts in Haggerston lease extensions?

Retaining our service will provide you enhanced 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 decide to sell. The lawyers 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:

Imogen, Haggerston, London,

Following unsuccessful discussions with the freeholder of her basement flat in Haggerston, Imogen initiated the lease extension process as the 80 year threshold was quickly coming. The transaction was concluded in November 2009. The freeholder’s fees were negotiated to about 450 GBP.

Haggerston case:

Mr and Mrs. R López took over the lease of a first floor flat in Haggerston in March 1997. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Haggerston with 100 year plus lease were valued about £265,200. The average amount of ground rent was £65 collected yearly. The lease finished in 2092. Having 66 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus costs.

Decision in Hackney

An example of a Lease Extension matter before the tribunal for a Haggerston flat 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 lease term was 72.39 years.