With a domestic leasehold premises in Bridlington, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than 80 years left. Anyone in Bridlington with a lease drawing near to 81 years left should seriously consider extending it sooner than later. Once the lease term has under 80 years remaining, under the relevant legislation the landlord is entitled to calculate and levy a larger premium, based on a technical multiplication, known as “marriage value” which is due.
Leasehold residencies in Bridlington with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Lease extensions in Bridlington can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.
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.
Jasper owned a 2 bedroom apartment in Bridlington on the market with a lease of a few days over sixty years unexpired. Jasper informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jasper to invoke his statutory right. Jasper procured expert advice and secured satisfactory resolution informally and readily saleable.
In 2011 we were called by Mr and Mrs. C Davis who, having acquired a purpose-built apartment in Bridlington in April 2010. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Bridlington with a long lease were worth £250,400. The mid-range amount of ground rent was £65 billed yearly. The lease expired on 27 November 2090. Having 64 years unexpired we calculated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 plus costs.
Mr and Mrs. W Cook moved into a garden flat in Bridlington in October 2009. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Bridlington with a long lease were valued around £189,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2079. Given that there were 53 years outstanding we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.