The nearer a domestic lease in Halifax nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. Many flat owners in Halifax will qualify for this right; that being said a conveyancer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold premises in Halifax with over one hundred years outstanding 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify 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. |
| 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. |
| Halifax | Minimum 70 years from the date 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Halifax can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 dealing with Halifax lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful correspondence with the landlord of her leasehold apartment in Halifax, Lydia commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The legal work was finalised in July 2014. The freeholder’s fees were negotiated to approximately 450 pounds.
In 2013 we were phoned by Mr and Mrs. Y David who, having bought a one bedroom flat in Halifax in July 2009. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative premises in Halifax with 100 year plus lease were valued about £290,000. The average ground rent payable was £45 invoiced annually. The lease lapsed in 2094. Taking into account 73 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.
Last year we were called by Dr L Khan , who took over the lease of a one bedroom flat in Halifax in March 2004. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparable flats in Halifax with an extended lease were valued around £240,600. The average amount of ground rent was £65 collected monthly. The lease came to a finish on 25 September 2083. Taking into account 62 years unexpired we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.