Chances are that where you own a flat in Huddersfield you actually own a long leasehold interest over your property
Leasehold premises in Huddersfield with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Huddersfield can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.
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 Huddersfield 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 protracted correspondence with the landlord of her garden apartment in Huddersfield, Chelsea started the lease extension process just as the lease was nearing the all-important eighty-year deadline. The lease extension was finalised in July 2006. The freeholder’s charges were kept to an absolute minimum.
Dr Y Reed took over the lease of a purpose-built apartment in Huddersfield in November 1995. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Huddersfield with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 collected yearly. The lease concluded in 2106. Considering the 80 years remaining we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.
Last Spring we were called by Mr Kian Laurent , who purchased a ground floor apartment in Huddersfield in March 2007. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Identical flats in Huddersfield with an extended lease were worth £200,800. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded on 15 August 2086. Considering the 60 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 not including costs.