Main reasons to start your Halifax lease extension

Main reasons to start your Halifax lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Halifax. Clearly, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Halifax have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. You should give due attention before putting off your Halifax lease extension. Holding off the cost now only increases the price you will eventually incur for a lease extension

Halifax property with a lease extension has roughly the same value as a freehold

Leasehold premises in Halifax with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Almost all banks and building societies will not lend on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Halifax property being difficult to dispose of or remortgage.

What makes us experts in Halifax lease extensions?

Regardless of whether you are a tenant or a freeholder in Halifax,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Halifax valuers.

Halifax Lease Extension Example Cases:

Eleanor, Halifax, West Yorkshire,

Trailing lengthy negotiations with the freeholder of her leasehold apartment in Halifax, Eleanor commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction was finalised in May 2012. The freeholder’s fees were negotiated to about six hundred pounds.

Halifax case:

Last Spring we were contacted by Mr and Mrs. L Nelson , who acquired a garden apartment in Halifax in March 2005. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical properties in Halifax with a long lease were in the region of £206,200. The mid-range ground rent payable was £55 invoiced yearly. The lease ended in 2082. Considering the 56 years left we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including professional charges.

Halifax case:

Dr Dylan Walker took over the lease of a purpose-built flat in Halifax in November 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Similar premises in Halifax with a long lease were valued around £300,000. The mid-range ground rent payable was £50 billed per annum. The lease ran out on 17 October 2102. Given that there were 76 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.