It’s an underpublicised certainty that a Bridlington residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Bridlington property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term drops under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Bridlington will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the formalities.
Leasehold properties in Bridlington with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Yorkshire 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. |
Lease extensions in Bridlington can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 dealing with Bridlington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dylan was the the leasehold owner of a 2 bedroom flat in Bridlington on the market with a lease of fraction over 72 years unexpired. Dylan on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert advice and was able to make a more informed decision and handle with the matter and sell the property.
Last Autumn we were contacted by Mr and Mrs. K Clarke , who completed a one bedroom flat in Bridlington in July 1995. The question was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparative properties in Bridlington with an extended lease were in the region of £267,600. The average ground rent payable was £65 collected annually. The lease lapsed on 8 September 2093. Given that there were 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of expenses.
In 2012 we were called by Mr and Mrs. W Morris who, having acquired a first floor flat in Bridlington in June 2008. We are asked if we could estimate the premium would be to extend the lease by an additional years. Similar properties in Bridlington with an extended lease were in the region of £206,200. The average ground rent payable was £55 invoiced annually. The lease terminated on 7 September 2082. Having 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including expenses.