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Main reasons to commence your Moorgate lease extension


Top reasons for lease extension now:

A Moorgate leasehold property depreciates with the years remaining on the lease.

Moorgate leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Moorgate tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Moorgate you should investigate if your lease has between seventy and 90 years left. There are good reasons why a Moorgate leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Moorgate with more than one hundred years outstanding 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to finance a property on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Moorgate lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake Moorgate 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 conveyancing solicitor we work with provide it.

Moorgate Lease Extension Example Cases:

Rory, Moorgate, London

Two years ago Rory, came very near to the 80-year threshold with the lease on his ground floor flat in Moorgate. In buying his home two decades ago, the length of the lease was of little importance. Luckily, it dawned on him that he needed to take action soon on Extending the lease. Rory arranged for a lease extension at the eleventh hour in January. Rory and the landlord ultimately agreed on a premium of £5,000 . If he had missed the deadline, the amount would have become more costly by at least £875.

Moorgate case:

Dr M Garcia was assigned a lease of a one bedroom apartment in Moorgate in May 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Moorgate with an extended lease were valued around £267,600. The mid-range ground rent payable was £65 billed monthly. The lease lapsed in 2089. Given that there were 67 years unexpired we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including fees.

Decision in Hackney

An example of a Lease Extension case for a Moorgate 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 was in relation to 2 flats. The unexpired term as at the valuation date was 72.39 years.