Top reasons for Huddersfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Huddersfield property value

There is no doubt about it a leasehold flat or house in Huddersfield is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Huddersfield will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Banks and building societies are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As many flats in Huddersfield were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Huddersfield lease extension solicitors or enfranchisement solicitors

Engaging our service gives you better control over the value of your Huddersfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Huddersfield Lease Extension Example Cases:

Nathaniel, Huddersfield, West Yorkshire

16 months ago Nathaniel, came critically close to the eighty-year threshold with the lease on his two bedroom apartment in Huddersfield. Having purchased his home two decades ago, the length of the lease was of no bearing. As luck would have it, he realised he needed to take steps soon on Extending the lease. Nathaniel extended the lease just ahead of time in September. Nathaniel and the landlord who owned the flat above eventually agreed on a premium of £5,000 . If he failed to meet the deadline, the price would have escalated by at least £1,125.

Huddersfield case:

Last year we were e-mailed by Dr Victoria Lee , who completed a basement apartment in Huddersfield in June 2011. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Huddersfield with an extended lease were in the region of £218,000. The average ground rent payable was £45 collected yearly. The lease ran out in 2089. Considering the 63 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of costs.

Huddersfield case:

Last Winter we were phoned by Dr V Garcia , who acquired a purpose-built apartment in Huddersfield in January 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Similar premises in Huddersfield with a long lease were worth £265,000. The mid-range amount of ground rent was £55 collected annually. The lease ran out in 2100. Taking into account 74 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.