Huddersfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Huddersfield residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Huddersfield you really ought to check if your lease has between 70 and ninety years left. There are good reasons why a Huddersfield leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay
Leasehold residencies in Huddersfield with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander |
Regardless of whether you are a tenant or a freeholder in Huddersfield,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Huddersfield valuers.
After unsuccessful correspondence with the landlord of her one bedroom flat in Huddersfield, Eleanor commenced the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was concluded in March 2005. The landlord’s fees were restricted to slightly above 500 pounds.
In 2013 we were contacted by Mr and Mrs. E Richardson who, having moved into a newly refurbished flat in Huddersfield in January 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Comparative flats in Huddersfield with 100 year plus lease were valued about £242,600. The mid-range ground rent payable was £45 invoiced monthly. The lease came to a finish in 2093. Taking into account 67 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus legals.
Last year we were phoned by Ms Jennifer Alexander , who was assigned a lease of a one bedroom flat in Huddersfield in February 2003. The question was if we could approximate the premium would be for a 90 year extension to my lease. Identical properties in Huddersfield with an extended lease were worth £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed in 2104. Having 78 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.