The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Bridlington have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do give careful consideration before delaying your Bridlington lease extension. Putting off that expense today simply increases the amount you will ultimately have to pay for a lease extension.
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
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 a wealth of experience 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.
Last year Alexander, started to get near to the eighty-year threshold with the lease on his garden apartment in Bridlington. In buying his property twenty years ago, the length of the lease was of little interest. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Alexander extended the lease just under the wire last June. Alexander and the freeholder eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the amount would have become more costly by a minimum £950.
Mr and Mrs. O Rose owned a one bedroom apartment in Bridlington in August 2004. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparative homes in Bridlington with 100 year plus lease were worth £200,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish in 2102. Taking into account 77 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.
In 2009 we were contacted by Ms Jodie Miller who, having acquired a purpose-built flat in Bridlington in April 2011. The question was if we could approximate the price could be for a ninety year lease extension. Comparative residencies in Bridlington with an extended lease were worth £260,200. The average amount of ground rent was £65 billed every twelve months. The lease expired in 2091. Having 66 years left we approximated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 exclusive of costs.