Top reasons for Haggerston lease extension

Main reasons to start your Haggerston lease extension today:

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

It’s an underpublicised certainty that a Haggerston residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Haggerston property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If lease term dips below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Haggerston will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.

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

Leasehold properties in Haggerston with more than one hundred years remaining on the lease are sometimes regarded as a ‘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 to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not issue a mortgage with a short lease

Lenders are tightening their criteria and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Considering plenty of flats in Haggerston were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Haggerston?

Using our service will provide you better control over the value of your Haggerston leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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 Case Summaries:

Jude, Haggerston, London,

Jude owned a conversion apartment in Haggerston on the market with a lease of a little over sixty years remaining. Jude on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jude to invoke his statutory right. Jude obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Haggerston case:

In 2010 we were contacted by Mrs K Dupont who, having moved into a one bedroom flat in Haggerston in September 2008. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparable homes in Haggerston with 100 year plus lease were valued around £300,000. The mid-range ground rent payable was £50 collected annually. The lease ran out on 18 October 2101. Having 75 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.