Bridlington leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher premium will be payable. Flat owners in Bridlington will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Bridlington with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Engaging our service gives you increased control over the value of your Bridlington leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Noah owned a studio apartment in Bridlington on the market with a lease of fraction over 72 years left. Noah on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Noah to invoke his statutory right. Noah procured expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Last Winter we were contacted by Mrs Tia Harris , who was assigned a lease of a garden apartment in Bridlington in March 1999. The question was if we could approximate the price could be for a 90 year lease extension. Comparative properties in Bridlington with a long lease were worth £225,800. The mid-range ground rent payable was £60 billed quarterly. The lease elapsed on 12 April 2085. Considering the 60 years outstanding we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of legals.
Last Summer we were e-mailed by Ms E Richardson , who moved into a one bedroom flat in Bridlington in May 2001. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative homes in Bridlington with a long lease were in the region of £210,000. The average ground rent payable was £50 collected monthly. The lease concluded in 2105. Having 80 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.