Main reasons to commence your Halifax lease extension

Main reasons to start your Halifax lease extension today:

Increase your lease and increase your Halifax property value

When it comes to domestic leasehold property in Halifax, you are actually buying an entitlement to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than 80 years remaining. Residents in Halifax with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has under eighty years outstanding, under the relevant Act the landlord can calculate and demand a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

Many banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Halifax property being difficult to dispose of or refinance.

What makes us experts in Halifax lease extensions?

Using our service gives you increased control over the value of your Halifax leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Halifax Lease Extension Case Summaries:

Felix, Halifax, West Yorkshire,

Felix owned a high value flat in Halifax being sold with a lease of fraction over sixty years left. Felix informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Halifax case:

Mr N Cox moved into a one bedroom apartment in Halifax in September 1999. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparative premises in Halifax with a long lease were valued about £295,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated on 2 February 2101. Given that there were 75 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.

Halifax case:

Last Christmas we were called by Mr Jason Flores , who took over the lease of a ground floor flat in Halifax in March 2004. The question was if we could approximate the premium would be for a ninety year lease extension. Comparable properties in Halifax with an extended lease were worth £250,400. The mid-range ground rent payable was £65 collected annually. The lease came to a finish in 2090. Considering the 64 years left we estimated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of expenses.