There is no doubt about it a leasehold property in Bridport is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 125 years remaining then this decrease may be of little impact that being said there will become a point in time 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 rational as to why you should consider extending sooner as opposed to later. Most flat owners in Bridport will meet the qualifying criteria; that being said a lawyer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Bridport with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date 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 |
| 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 Bridport can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 dealing with Bridport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Lewis, came very close to the eighty-year mark with the lease on his one bedroom apartment in Bridport. In buying his home two decades ago, the lease term was of little bearing. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Lewis was able to extend his lease at the eleventh hour last September. Lewis and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the figure would have increased by at least £1,075.
Dr R André acquired a garden apartment in Bridport in September 2000. The question was if we could approximate the price would be for a 90 year lease extension. Similar homes in Bridport with 100 year plus lease were valued about £265,200. The mid-range ground rent payable was £65 billed annually. The lease terminated on 1 July 2092. Given that there were 66 years remaining we approximated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus legals.
Dr Daniel Davies acquired a first floor flat in Bridport in January 2010. The question was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparable properties in Bridport with 100 year plus lease were worth £198,800. The mid-range ground rent payable was £55 collected annually. The lease concluded on 24 January 2081. Given that there were 55 years remaining we estimated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including expenses.