Huddersfield Lease Extension - Free Consultation

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Before you progress with your lease extension in Huddersfield
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Huddersfield lease extension

Main reasons to start your Huddersfield lease extension today:

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

The value of Huddersfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Huddersfield with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not finance a property with a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Huddersfield property becoming difficult to sell or to obtain finance on.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire 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.

Why use us for your lease extension in Huddersfield?

Using our service will provide you enhanced control over the value of your Huddersfield leasehold, as your property will be more valuable and saleable in respect of lease length should you want 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 Case Studies:

Jasmine, Huddersfield, West Yorkshire,

After unsuccessful discussions with the landlord of her purpose-built flat in Huddersfield, Jasmine started the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was concluded in August 2015. The freeholder’s fees were kept to an absolute minimum.

Huddersfield case:

Mr and Mrs. C Thompson purchased a one bedroom apartment in Huddersfield in November 2012. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical residencies in Huddersfield with an extended lease were in the region of £210,600. The mid-range amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 12 October 2087. Taking into account 62 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 not including expenses.

Huddersfield case:

Last Winter we were phoned by Dr Katherine Walker , who acquired a first floor flat in Huddersfield in April 2012. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable premises in Huddersfield with an extended lease were worth £265,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish on 3 August 2098. Considering the 73 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.