As the length of the unexpired term of a Halifax residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 125 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner as opposed to later. Most flat owners in Halifax will qualify for this right; that being said a conveyancing solicitor should be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Halifax with more than 100 years unexpired 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Halifax,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Halifax valuers.
Twenty four months ago Aaron, started to get near to the eighty-year threshold with the lease on his first floor flat in Halifax. Having bought his home twenty years previously, the length of the lease was of minimal bearing. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Aaron was able to extend his lease at the eleventh hour in June. Aaron and the freeholder via the managing agents subsequently agreed on an amount of £6,000 . If he not met the deadline, the price would have escalated by a minimum £850.
Last Christmas we were e-mailed by Dr Gabriel Peterson , who acquired a one bedroom flat in Halifax in March 2000. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative premises in Halifax with an extended lease were worth £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease expiry date was in 2093. Taking into account 67 years remaining we approximated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 exclusive of legals.
Last year we were e-mailed by Mr and Mrs. D Mercier , who bought a purpose-built apartment in Halifax in April 2012. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Halifax with an extended lease were worth £206,200. The average ground rent payable was £55 billed every twelve months. The lease ran out in 2082. Taking into account 56 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including professional charges.