The only way is down when it comes to Bridlington lease terms. Bridlington flats that have a lease term less than than eighty years will de-escalate in value even faster, and the cost of extending your lease will increase.
Leasehold premises in Bridlington with in excess of 100 years left 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| 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. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bridlington can be a difficult process. We recommend you procure professional help from a lawyer 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 a wealth of experience dealing with Bridlington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Archie, started to get close to the eighty-year mark with the lease on his two bedroom flat in Bridlington. Having bought his property twenty years previously, the length of the lease was of little interest. by good luck, he became aware that he would soon be paying an escalated premium for Extending the lease. Archie extended the lease just ahead of time last March. Archie and the freeholder in the end settled on a premium of £5,000 . If he had missed the deadline, the amount would have gone up by at least £1,075.
Dr H Phillips was assigned a lease of a one bedroom flat in Bridlington in November 2006. We are asked if we could approximate the premium would be to extend the lease by an additional years. Similar residencies in Bridlington with an extended lease were valued around £200,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease concluded in 2104. Having 78 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.
In 2013 we were called by Ms Lauren Mitchell who, having bought a purpose-built flat in Bridlington in June 1999. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical premises in Bridlington with an extended lease were in the region of £267,600. The average ground rent payable was £65 billed annually. The lease concluded on 20 October 2093. Considering the 67 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of expenses.