Why you should start your Bridlington lease extension

Why you should commence your Bridlington lease extension today:

A Bridlington leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Bridlington residential lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner rather than later. The majority of flat owners in Bridlington will qualify for this right; however a conveyancing solicitor will be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Bridlington property with a lease extension is almost the same value as a freehold

Leasehold premises in Bridlington with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may not issue a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should be mindful that it is likely that someone wishing to buy your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of your property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Bridlington?

The conveyancing solicitors that we work with handle 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 conveyancer we work with provide it.

Bridlington Lease Extension Example Cases:

Sarah, Bridlington, East Yorkshire,

Subsequent to lengthy correspondence with the freeholder of her one bedroom flat in Bridlington, Sarah commenced the lease extension process just as her lease was nearing the critical 80-year mark. The transaction completed in October 2007. The landlord’s fees were kept to an absolute minimum.

Bridlington case:

In 2011 we were approached by Dr Phoebe Bailey who, having owned a basement flat in Bridlington in November 1998. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparable homes in Bridlington with an extended lease were in the region of £285,000. The average amount of ground rent was £45 billed quarterly. The lease expired on 17 February 2097. Considering the 72 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.

Bridlington case:

Mr Max Thomas moved into a garden apartment in Bridlington in July 1999. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable flats in Bridlington with 100 year plus lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed quarterly. The lease finished on 8 October 2086. Having 61 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of costs.