Main reasons to start your Bridlington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bridlington property value

Bridlington 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 the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Bridlington residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bridlington you would be well advised to see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Bridlington property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Bridlington with over 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not finance a property with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably encounter problems where you wish to sell your flat in Bridlington if the unexpired lease term is less than the criteria set by most banks and building societies. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Bridlington?

Retaining our service gives you better control over the value of your Bridlington 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bridlington Lease Extension Example Cases:

Omar, Bridlington, East Yorkshire,

Omar was the the leasehold owner of a high value apartment in Bridlington being marketed with a lease of a few days over 72 years unexpired. Omar on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Omar to exercise his statutory right. Omar procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Bridlington case:

Mr H Nguyen was assigned a lease of a one bedroom flat in Bridlington in February 2005. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Comparable premises in Bridlington with 100 year plus lease were worth £206,200. The average ground rent payable was £55 billed quarterly. The lease concluded in 2082. Having 56 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus legals.

Bridlington case:

In 2013 we were e-mailed by Mr and Mrs. H Young who, having took over the lease of a newly refurbished apartment in Bridlington in May 1999. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Identical homes in Bridlington with an extended lease were valued about £300,000. The mid-range amount of ground rent was £50 collected per annum. The lease terminated on 21 September 2102. Given that there were 76 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.