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. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| 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 |
The conveyancing solicitors that we work with undertake Bridlington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
In the wake of 9 months of lengthy correspondence with the freeholder of her garden apartment in Bridlington, Amy started the lease extension process as the eighty year mark was quickly advancing. The transaction was concluded in May 2012. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. G Alexander moved into a newly refurbished apartment in Bridlington in June 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Bridlington with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 billed every twelve months. The lease termination date was on 27 September 2102. Having 77 years left we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.
Mr and Mrs. D Phillips owned a purpose-built apartment in Bridlington in October 2011. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical residencies in Bridlington with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 collected every twelve months. The lease concluded in 2091. Taking into account 66 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 plus expenses.