As the the remaining lease term of a Bridgwater residential lease diminished so does its value and therefore the value of your property. If the residual term has, more than 99 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years remaining 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 rational as to why you should extend the lease sooner rather than later. Most flat owners in Bridgwater will qualify for this right; however a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Bridgwater can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 procuring Bridgwater lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
James owned a high value flat in Bridgwater on the market with a lease of just over 59 years remaining. James informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were James to exercise his statutory right. James procured expert advice and secured an acceptable resolution informally and sell the flat.
Mr and Mrs. C Girard bought a ground floor apartment in Bridgwater in April 2005. The dilemma was if we could estimate the premium would likely be to extend the lease by an additional years. Comparative residencies in Bridgwater with a long lease were worth £295,000. The average ground rent payable was £45 invoiced quarterly. The lease lapsed on 11 August 2100. Having 74 years left we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.
Last April we were phoned by Mr E Gray , who moved into a first floor flat in Bridgwater in August 1996. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Identical residencies in Bridgwater with 100 year plus lease were valued about £248,000. The average amount of ground rent was £65 invoiced yearly. The lease terminated in 2089. Taking into account 63 years unexpired we calculated the premium to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.