The closer a residential lease in Bridlington nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. Many flat owners in Bridlington will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Bridlington,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bridlington valuers.
In recent months Milo, came dangerously near to the eighty-year threshold with the lease on his purpose- built apartment in Bridlington. Having bought his property two decades ago, the length of the lease was of little relevance. Thankfully, he recognised he would imminently be paying way over the odds for Extending the lease. Milo was able to extend his lease at the eleventh hour last August. Milo and the landlord ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,000.
In 2011 we were contacted by Dr A Gómez who, having owned a one bedroom apartment in Bridlington in July 2007. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Bridlington with a long lease were valued about £225,800. The average amount of ground rent was £60 billed quarterly. The lease terminated on 21 August 2086. Having 60 years left we approximated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 plus legals.
In 2013 we were phoned by Mr S Turner who, having completed a garden apartment in Bridlington in May 2004. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Similar flats in Bridlington with 100 year plus lease were in the region of £210,000. The average ground rent payable was £50 invoiced yearly. The lease termination date was on 16 March 2106. Taking into account 80 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.