When it comes to domestic leasehold premises in Bridlington, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably when there are less than 80 years left. Anyone in Bridlington with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. Once a lease has fewer than 80 years remaining, under the relevant statute the freeholder can calculate and charge a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Bridlington can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 in-depth market knowledge procuring Bridlington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the freeholder of her studio apartment in Bridlington, Lydia commenced the lease extension process as the eighty year mark was swiftly approaching. The lease extension was concluded in June 2007. The landlord’s fees were negotiated to below 650 pounds.
Last month we were e-mailed by Mr and Mrs. C Morgan , who owned a ground floor apartment in Bridlington in June 2002. The question was if we could estimate the price would be for a ninety year lease extension. Similar flats in Bridlington with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 collected per annum. The lease finished in 2086. Taking into account 61 years remaining we calculated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 plus costs.
Mrs Georgia Flores purchased a basement apartment in Bridlington in June 2008. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable homes in Bridlington with an extended lease were in the region of £166,800. The mid-range ground rent payable was £50 collected yearly. The lease concluded on 14 June 2075. Given that there were 50 years left we approximated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 plus legals.