The only way is down when it comes to Halifax lease terms. Halifax flats that have a residual term less than than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.
Leasehold premises in Halifax with more than 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| 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. |
| Bank of Scotland | 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. |
| Godiva Mortgages | 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. |
Lease extensions in Halifax can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Halifax lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy correspondence with the landlord of her basement apartment in Halifax, Anna commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The legal work was finalised in April 2015. The freeholder’s charges were kept to an absolute minimum.
In 2013 we were phoned by Dr George Campbell who, having completed a first floor apartment in Halifax in January 2005. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable homes in Halifax with 100 year plus lease were worth £166,800. The average ground rent payable was £50 collected annually. The lease termination date was in 2075. Considering the 50 years outstanding we estimated the premium to the landlord for the lease extension to be within £32,300 and £37,400 not including professional charges.
Mr Jude Reed bought a basement apartment in Halifax in June 2002. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in Halifax with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ran out in 2095. Given that there were 70 years left we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.