Bridlington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Bridlington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bridlington you should see if your lease has between seventy and ninety years remaining. There are good reasons why a Bridlington leaseholder with a lease having around eighty years remaining should take action to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works |
Regardless of whether you are a tenant or a freeholder in Bridlington,the lease extension solicitors that we work with will always be happy 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.
Subsequent to lengthy correspondence with the landlord of her first floor flat in Bridlington, Ashleigh initiated the lease extension process as the eighty year deadline was fast approaching. The legal work was finalised in September 2012. The freeholder’s fees were kept to an absolute minimum.
In 2009 we were contacted by Mr Sam Hall who, having took over the lease of a one bedroom flat in Bridlington in January 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Bridlington with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced quarterly. The lease ended in 2105. Taking into account 79 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
Dr Aarav Garcia owned a one bedroom apartment in Bridlington in January 2006. The question was if we could estimate the price could be for a ninety year lease extension. Identical residencies in Bridlington with an extended lease were in the region of £275,000. The average amount of ground rent was £65 billed annually. The lease ended on 17 September 2094. Having 68 years remaining we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.